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iday 


| Impeccable  timing. 

JEL 


Baume  & Mercier 

GENEVE  1830 

► ( ibatoiftKi  Sand  us<^>ff38CoU!t;f  Street.  UmIcrVVL 


FINANCIAL  TIMES 


& 

W 


*=■»* 


1984  No.  29,SS6 


Saturday  March 


22  1986  iff  fK^Op  V S.A. 52.0 

if  \ *4^ Canada  CSI.QD  Bermuda  $1.5 

( ><9  i? 


hopgj 

'run 

“ords 


WORLD  HEWS 

Reports  of 
child  abuse 
II  rise  sharply 

Th«  number  or  children  known 
by  local  authorities  to  have 

m 
9a 

r per  cent  to  2U»u  last  year,  the 
* NSPCC  baid. 

ftO  Reports  of  physical  abuse 
*-  increased  by  SO  per  cent  and 
child  neglect  by  42  per  cent. 
The  Depart riient  of  Health  said 
comprehenMie  guidelines  Tor 
pi ori.’hsionals  dealing  With  child 
abuse  would  he  issued  soon. 

Reagan  defiant  on  aid 

President  Reagan  expects 
congressional  approval  next 
month  or  military  aid  for  Contra 
rebels  in  Nicaragua  despite 
defeat  in  the  House  ot 
Representatives.  Page  2 


°QC  ’been  sexually  abused 

^Sna/anil  and  VVales  rose  by 
*Qd  lite/  per  cent  to  2.850  last  year. 


averse 

10.  its 


*.  African  clashes 

conseom,-.  South  African  policp  clashed 
ied  to  Tjv****,  with  demonstrators  com- 
qiectaBiJ”®  memoratina  massacres  at  Langa 
1 offiJi  9ttL  and  Sharpeville  as  violence 
kjgi  ftiS^  claimed  10  lives.  Page  2 

^ Pa«anra  bars  Marcos 

;TokvoS?^  Panama  rejected  a renuesi  for 
is.  ’ asylum  from  deposed  Philip- 

pines President  Ferdinand 
Marcos,  currently  in  Hawaii  in 
._  . — « m the  US.  Page  2 

™ dupT  Vicarage  case  man  ill 

as  day’s  I&tu  ' •• 

srs  by  52t*I iS  Andrew  Bymc.  24.  charged  with 
■QEed1  ASfiravated  burglary  in  connec- 

■ von  with  an  alleged  rape  at  a 
ycaeo  m a ^ vicarage,  was  critically  ill  3fter 
7“i»firestiftj^  an  operation  for  a suspected 
s reacted  poggg  blood  clot  on  the  brain.  Police 
Baaitfi  believe  he  was  beaten  up 
ssfei  Sonina  a(b[  before  his  arrest. 

“ m di®“!  Esso  to  raise  prices 

^WtiJtanonSt  Erao  said  it  w'ould  follow  other 
« 2a  Mtiimfl  i leading  oil  companies  in  pass- 
ishi  Estate. Enc®  mg  on  to  motorists  the  7lp 
- er.theaasm.ins  Bu(^Set  rise  in  duty.  Back  Page 

tSSlSikh  protest  deaths 

At  least  four  people  were  killed 
&e  sosrad  Wii  and  25  injured  when  Indian 
ng  ±6  daily w E police  fired  on  militant  Sikhs 
id  iaer  m mfiHi  demonstrating  at  Punjab 
...  vi  assembly  buildings  in  the  state 

the  aJ5te“pitaI  of  Cfiand,^rh-  2 

Seraa  nwirfiiowe  in  plea  to  fireece 

Sate  Dmhnnts  Foreign  Secretary.  Sir  Geoffrey 
a v-nin«Zir  Howe,  on  a • visit  to  Greece. 

urged  tile  Socialist  government 
.oUm.sot  not  to  close  four  US  military 
Traasprola i * bases.  Page  2 
dakjv  Baffle  JA 

xippanEscwiS1  Sindona  poisoned 

a of  24.56m  shffli’ 

•■wanrefa.  Financier  Michele  Sindona, 

_ brought  in  a coma  from  jail  to 
J™ I hospital  in  Voghera,  Italy,  had 
s k.edneswym*  taken  or  been  given  cyanide. 
3r:jucsn»#fc  said  Justice  Minister  Mimo 
‘ using  biotech  Martinazzoli.  Page  2 

•»»  Q2°  5hp.  Id . 

os  \thb  m «s  Helicopter  crew  killed 

r icnv'B  Ii&  Soth  crewmen  were  killed  when 
■v-yg  and  *®'-'3h  Austrian  military  helicopter 
t f^voaied  St*-  crashed  in  a snowstorm  in 
natal  ® Alpine  foothills  south  of 
Ss  shares, m*E  Vienna. 

Groce  son  sentenced 

j-rePaiijedslWP  Michael  Groce,  whose  mother 
hVfcj’vieWflB®1  Cherry  was  accidentally  shot 
n and  Paralj’sed  by  a police  officer 

-n‘  L -+,nj to during  a search  for  him  at  her 
^-rTYMnef^  Brixton  home  last  September. 
^2v5W™r  received  two  concurrent 
5 w-  12-mnnth  jail  sentences. 

a-5i?erlSW^**  suspended  for  two  years,  after 
•^33  ifi* Peta*  admitting  firearms  offences. 

, v.-2s  ^Tories  to  stand  down 

n^absK'^j  Senior  Tory  backbenchers  Sir 
?'tS  oil  pro®^.  Humphrey  Atkins,  Geoffrey 
, "i,e  Bfiflb  Nippon  and  David  Crouch  said 
• “*; 3Biy™'<Aey  would  leave  the  Commons 
s’*-*1  at  the  next  general  election. 

:^r^^Paee6 

^ Goya  case  go-ahead 

The  High  Court  ruled  that  the 
Spanish  Government  could 
• bring  an  action  aimed  at  block- 
ing the  sale  in  Britain  of  an 
,£$m  painting  by  Goya.  Page  4 

Boxing  action  urged 

, The  British  Medical  Association 
•’said  televised  boxing  matches 
'should  carry  health  warnings 
about  the  sport  The  call  follows 
the  death  of  Scots  boxer  Steve 
JVatt  after  a bout  last  week. 


BUSINESS  SUMMARY 

Managers’ 
bid  wins  at 
Cadbury 

MANAGERS  at  Cadbury 
Schweppes  confectionery  and 
soft  drinks  yvoup  Mivnn^Jeil  m 
their  bid  to  sequin*  the  food 
and  kwra^'j.  divi-iun  for 
about  £S7m.  But  an  attempi  by 
manage nicni  to  lake  over  Thorn 
Kill’s  Scnen  Ilmeriainment 
d:\isiuu  failed  and  Australian 
buviiawjnan  Alan  Bond,  wlmy 
bid  won.  will  pay  the  full  £1  Him 
in  i-.i^h  and  make  available 
SllQnt  (£?3ml  in  opera?  ins 
capirai.  Both  sturii'S  on  Back 
IT  (iKDl.V.ARV  Share  Index:  a 
teefinsra!  iv.,.n  ? :on  lool.ei]  pos- 
Mhie.imt.Mily  yi-sJe.‘»Ja.v  a.'Jcr  ih^ 
:ii,’ee-day  r;re  n[  umiv  than  57 
pf»;n:.i.  But  proliMal- -jii;  sales 
we:*.*  vuuntered  In*  fresh  ilc- 


1430 


1400  h 


1340 


M 

l FT  Ordinary  ' 

1 Share  Index  / 

} 

It 

1 

f 

i 

\ J 

turfy 

■ i — 

O Days  Close 

March  1906 


Rmnil  and  the  index  closed  at 
1412^,  down  2.9  on  the  day,  but 
an  advance  of  more  than  51 
points  on  the  week.  Page  ID 

LONDON  METAL  Exchange 
came  under  increased  pressure 
to  change  ns  trading  system  in 
the  wal:c  of  the  tin  crisis  with 
(he  announcement  that  another 
member  is  to  cease  trading  on 
the  exchange.  Page  15 
GOVERNMENT  moved  1o  pre- 
vent a big  increase  in  the 
amount  of  oil  being  burned  in 
power  stations  because  of  fears 
that  this  would  jeopardise  the 
recovery  of  the  coal  industry 
rrom  its  year-lung  strike.  Back 

ANNUAL  INFLATION  rate  fell 
last  month  to  5.1  per  cent,  from 
5.5  per  cent  in  January-  Back 
Pa-e;  Grow  th  rate  down.  Page  6 

BL:  talks  between  the  Govern 
ment  and  General  Motors  of  the 
US  about  the  possible  sale  of 
the  state-owned  group's  lx»yland 
Trucks  and  Land  Rover  subsid 
iarieo  could  still  break  down 
claimed  a senior  minister  on  the 
Cabinet  committee  concerned 
with  the  issue.  Back  Page 
Heseltine  renews  attack.  Page  6 

OIL:  members  of  Opec  3nd  five 
other  producing  countries  were 
trying  to  find  a formal  agree 
went  to  convince  the  markets 
of  their  ability  to  restrain  oil 
supplies  and  thus  revive  prices 
Page* 

IMPERIAL  OIL,  Canada's  big- 
gest oil  company,  is  to  axe  1.800 
jobs  in  response  to  lower  oil 
prices  and  an  over-supply  of 
petrochemicals  and  other  re- 
fined products.  Page  13 
COURTAULDS  textiles  group 
announced  260  redundancies  at 
its  St  Helen’s  childrens  wear 
factory  and  placed  a question 
mark  over  the  future  of  another 
Merseyside  factory  employing 
220.  Page  4 
GRATTAN.  Bradford-based  mail 
order  company,  increased 
annual  pre-tax  profits  by  two- 
thirds  to  fl6m  and  announced 
plans  to  raise  £27.Lm  through  a 
rights  issue.  Page  12 
EXCO  INTERNATIONAL, 
money  broking  and  financial 
services  group,  achieved 
21  per  cent  rise  in  pre-tax  profits 
in  19S5  to  £S7.44m.  Page  12; 
Lex,  Back  Page 
JARDINE  MATHESON.  Hong 
Kong’s  oldest  colonial  trading 
company,  reduced  its  losses  last 
year  to  HKS269m  <£23.49m) 
after  tax,  minorities  and  extra- 
ordinary' items,  down  from 
S793xn  ‘ the  previous  year. 
Page  13 
SWEDEN:  hopes  that  employers 
and  trade  unions  will  agree  to 
central  negotiations  leading  lo 
a low  national  pay  settlement 
were  revived  when  the  I wo 
sides  began  their  first  talks  in 
two  months.  Page  3 


Argyll  lifts  offer  for 
Distillers  as  rival 
bid  wins  go-ahead 


'e 


Terrorism  tops 
Chirac’s  first 
cabinet  agenda 

BY  DAVID  HOU5EGO  AND  PAl/L  BETTS  (N  PARIS 


MARKETS 


DOLLAR 


New  York  lunchtime: 

DM  22435 
FFr  6.9035 
SFr  1576 
Y175.8 

London: 

DM  22415  (2256) 

FFr  6.8875  fG.9425); 

SFr  1.8715  (1.893) 

Y1 75.75  (176.30) 

Dollar  index  116.7  (116.9) 
US  LUNCHTIME  RATES 


Fed  Funds  7i% 

3-month  Treasury  Bills: 
' Yield:  6.58% 

■T-ong  Bond:  115  3/64 
Yield:  7.93% 

GOLD 


STERLING 


New  York  lunchtime  $1.5125 
London:  £1.5115  (1.439) 

Dll  3.3S75  13.36) 

FFr  10.425  (10.3375) 

SFr  2.S3  (2.8175) 

Y265.5  (262.5) 

Sterling  index  75.9  (75.3) 


LONDON  MONEY 


3-month  interbank: 
Closing  rale  11/1; *5  (llj) 


NORTH  SEA  OIL 


Brent  15-day  April 

813.30  ($13.95) 


STOCK  INDICES 


New  York;  Comex  April  latest 
$3562 

London:  $35425  ($350.75) 

Chief  pficc  changes  yesterday.  Back  Pago 


FT  Ord  14122  ( -2.9) 

FT-A  All  Share  820.18  ( fO.1%) 
FT-SE  1TO  168S.3  (-1.8) 

FT-A  long  gilt  yield  index: 

High  coupon  9.14  (9.17) 

New  York  lunchtime: 

DJ  Ind  Ave  1809.51  (+5.27) 

1 Tokyo:  Market  dosed 


COVTINEMTAL  SEU1MG  PRICES:  Austria  Sell  20:  Belgium  BFr  45;  Denmark 
DKr  8;  Franco  Fr  6.00:  W Germany  DM2.20:  Ireland  EQp;  Italy. LI .500:  Malta  30c; 
MerfterlanrJa  f|  2. TO:  Norway  NKr  7.00:  Ponugal  Esc  30:  Spain  Pte  12S:  Sweden 
SKr  7.00:  Switzerland  Fr  2JO; 


BY  DAVID  GOODHART 

THE  ARGYLL  Mipi'ijuarl-cis 
group  yesterday  raiM-d  iu  hid 
for  Di-ldlvrs  as  flu*  Giiiii- 

ui— i;  crir.-i  for  the  spirits  1-11111- 
patiy  won  the  ullicial  go-.'iluMd 
fmiii  t In*  Trade  ami  Imiurdvv 
Di'parliiicitt. 

Tie*  clay  uf  lu-clic  activity  in 
l !«•  CK**!  biKKr-si-evi-j-  lakcnvi-r 
hid  ended  with  cadi  of  the  i»x» 
oil  it:  Tor  Distillers  valuing  the 
KunlKiny  at  aboul  f2.5lm.  After 
a Kip  rise  in  the  Guinness  share 
price,  its  share  offer  ronuiutcd 
slicluly  ahead,  valuing  each 
Distillers  share  ui  tittup. 

With  Argyll  down  7p  oil  tin* 
stock  niarkei.  its  unproved  idler 
was  wo rlli  iiK7p  pel  L>isl tilers 
share. 

The  expected  decision  not  to 
refer  the  second  Guinness,  bid 
to  the  .Monopolies  and  Mergers 
Commission  was  announced  hy 
Mr  Geoffrey  Pallie,  Minister  of 
State  for  Industry  and  Informa- 
tion. He  said  that  the  latest 
proposal  for  an  agreed  merger 
between  Guinness  and  Distillers 
did  not  raise  the  competition 
issues  which  led  to  the  refer- 
ence for  the  first  deal. 

A major  factor  in  his  decision 
was  the  firm  agreement  between 
Distillers  and  Whyte  and 
Mac  Kay.  a subsidiary  of  Lonrho. 
he  said.  Distillers  is  selling 
Whyic  and  MarKay  live  of  its 
brands  worldwide  and  the  UK 
rights  of  four  of  its  brands, 
along  with  one  Guinness  brand, 
for  £l0.5m. 

Whyte  and  MacKay  will  own 
only  the  brands  and  trade 
names  and  not  the  distilleries 
themselves.  Distillers  has 
entered  a 10-year  agreement  to 
provide  the  whisky  and  bottling 
for  all  the  brands,  which 
include  The  Claymore.  Haig. 
The  Buchanan  Blend  and 

Crawford’s. 


The  £2.4hn  takeover  battle 
for  Imperial  Croup,  whose 
interests  include  tobacco  and 
brewing,  Intensified  yesterday 
when  I’nlted  Biscuits 
announced  it  now  spoke  for 
21.K9  per  rent  of  Imperial’s 
shares,  just  lopping  the  21 
per  rent  which  rival  bidder 
Hanson  Trust  announced  it 
ront  rolled  earlier  this  week. 
P^e  12 


Mr  Bill  Spengler,  Distillers’ 
deputy  chairman,  said  he  was 
.sad  to  pari  with  the  brands  but 
they  were  going  to  a fine  Scot- 
tish company  and  represented 
a loss  of  only  1.4  per  cent  of 
Di sliders’  turnover. 

The  deal,  which  releases  £9m 
of  working  capital  for  Distillers, 
reduces  the  share  of  the  UK 
scotch  whisky  market  held  by 
the  combined  group  from  about 
35  per  cent  lo  under  25  per  cent 
to  satisfy  the  Office  of  Fair 
Trading. 

The  waving  through  of  the 
second  Guinness  hid  was 
strongly  criticised  by  Mr  Alex 
Fletcher.  Tory  MP  for  Edin- 
burgh Central  and  a former 
trade  minister.  Mr  Fletcher,  who 
is  an  adviser  to  Argyll,  said  the 
decision  had  driven  a wedge 
through  competition  policj-. 

Mr  Fletcher  has  tabled  a 
parliamentary  question  to  Mr 
Paul  Chan  non.  Trade  and  Indus- 
try Secretary,  on  ihe  implica- 
tions for  lit i»  Government's  ram- 
petition  policy.  A written  answer 
is  expected  next  week. 

The  previous  Argyll  offer, 
whir)}  valued  Distillers  at  about 
£2.3hn,  consisted  or  1.1  ordin- 
ary shares,  one  preference  share 


and  £1.50  in  cash  for  each  Dis- 
tillers' shate.  The  latest  one  is 
1.25  ordinary  shares,  one  pre- 
ference share  and  £1.63  cash  for 
each  Distillers*  :-harc. 

The  cash  alternative  has  been 
raised  from  GQfip  tu  660 n.  Both 
bids  dose  on  April  18  and  if 
Guinness  wanls  to  increase  its 
offer  a final  tiim-  it  must  do  so 
two  weeks  he  fore  that  date. 

Argjll  insist!;  that  because  of 
its  unusual  underwriting 
arrangements,  which  provide 


TH  E WAVE  of  terrorism  j n 
1 France  is  expected  to  dominate 
the  first  meeting  of  Mr  Jacques 
Chirac's  new  French  Govern- 
ment today. 

After  Thur.;;d33*'s  bomb  ex- 
plosion on  the  Champs  Elysees 
in  Paris,  which  killed  two 
people,  Mr  Chirac,  the  premier, 
said  there  would  be  a major 
strengthening  of  police  and 
judicial  measures  against  ter- 
rorism. 

He  promised  more  intensive 
collaboration  with  other 
western  governments  over  ter- 
rorism and  discussed  this  in 


of  continuing  devaluation  1 
rumours,  with  foreign  exchange  j 
dealers  reporting  some  inter- 1 
vent  1 on  by  the  Bank  of  France.  I 
The  Government  saw  its  posi-  1 
tion  strengthened  further  in  the  1 
country  with  the  election  <if  the  ! Tfce  troi  W ««;  aijo:n  in  the  grip 
new  presidents  of  France’s  22  0.1  specular  ion  mania.  But  is  tke 


SPECULATION 


higher  rewards  to  the  under-  i talks  with  Mr  George  Shultz, 
writers  in  the  event  of  success  I the  US  Secretary  of  State,  and 
and  lower  rewards  if  the  hid  ' his  first  foreign  visitor  since 
fails,  it  has  not  been  too  < taking  office, 
stretched  h>  This  final  offer.  Responsibility  for  Thursday's 
Mr  Rupert  Faure  Walker  of  i bomb  attack  was  claimed  by  die 
Argyll’s  merchant  bank  adviser  j Solidarity  Committee  for  Arab 

political  prisoners  which  has 
also  been  responsible  for  other 


Samuel  Montagu,  said  the  main 
tranche  of  underwriting  had  i 
been  increased  to  £1.2bn,  the  : 
core  underwriting  was  now*  , 
£550 m and  hank  loans  had  been  : 
increased  from  £600m  to  FTOOm.  j 
He  added  that  if  Argyll's  ' 
latest  bid  failed  it  would  only  ' 
cost  about  £3.5m.  The  total  j 
failure  of  all  its  bid  efforts  [ 
would  cost  Argyll  abuut  £25m. 


terrorist  acts.  They  share  the 
demands  of  the  Islamic  Jihad  in 
seeking  the  release  of  Arab  and 
Iranian  terrorists  being  held  in 
France. 

The  terrorist  issue  has  become 
the  administration’s  first  big 
test  and  Mr  Chirac's  first  act 
after  taking  over  from  out- 
going Prime  Minister  Laurent 


It  is  forecasting  pre-tax  profits 
this  year  of  £64m. 

Many  analysts  expect  the  ping  arcade  in  the  Champs 
value  of  Guinness's  share  offer  Elysees  where  the  blast  took 
to  stay  ahead  of  Argyll’s-—  plane. 

possibly  with  the  help  of  a final  I Mr  Chirac,  whose  election 
small  increase  in  the  Guinness  j platform  included  a strong 
offer.  However.  Argyll  will  j pledge  to  carck  down  on  crime 
attempt  to  persuade  Distillers’  and  guerrilla  violence,  warned: 
shareholders  that  they  face  a | -Terrorism  is  one  of  the  most 
marked  dilution  of  earnings  if  I difficult  things  to  contain.” 
they  accept  Guinness  shares.  [ Ministers  3re  stili  in  the  pro- 
Gumness  for  its  part  is  likely  • ccss  0f  taking  over  their  new 
to  argue  that  an  Argyll  victory  » nlc*.  Many,  including  Mr 


regional  councils. 

The  Socialists  were  left  with 
control  of  only  iwo  regions — 
Ihe  Nord-Pas  de  Calais  and 
Limousin — losing  their  hold  on 
four  others. 

However  in  seven  or  eight 
regions  the  neo-Gaullist  RPR 
and  the  centrist  UDF  coalition 
were  only  able  to  secure 
regional  presidencies  with  the 
support  of  the  extremist 
National  Front  of  Mr  Jean- 
Marie  Le  Pen. 

It  remains  to  be  seen  whether  j 
as  a result  of  this,  the  front 
will  be  given  official  positions 
such  as  vice-presidencies  in  the 
regional  councils.  The  Socialists 
are  bound  10  exploit  the  embar- 
rassing dependence  of  the  RPR- 
UDF  alliance  on  the  front. 

Among  the  new  presidents  to 
be  elected  was  Mr  Valery  Gis- 
card  de*Estaing  for  the  Puy-de 
Dome  in  the  centre  of  France. 
Mr  Chirac’s  failure  to  give  him 


latest  bull  market  jusi  another 
boom  destujfd  to  po  bust?  ' 
Page  I 


would  lead  to  a marked 
re-rating  of  its  share  price. 

Guinness  closed  at  310p. 
Argyll  at  330p  and  Distillers 
up  37p  at  677p. 

Lex,  Back  Page 


Bank  moves  to  steady 
fall  in  short-term  rates 


BY  GEORGE  GRAHAM 

THE  Bank  of  England  moved 
yesterday  to  calm  London’s 
money  markets  and  dampen 
expectations  of  another  imme- 
diate cut  in  interest  rates.  In 
a manoeuvre  used  before  to 
head  off  too  rapid  a decline  in 
shorl-tenu  rates  the  Bank  re- 
fused to  buy  bills  from  discount 
houses  and,  instead,  lent  money 
to  them  at  a rate  above  the  pre- 
vailing 11J  per  cent  bank  base 
rale. 

After  another  day  in  which 
sterling  had  gained  ground 
against  the  dollar  and  against 
European  courrenctes.  money 
market  interest  rates  had  moved 
downwards.  Three-month  inter- 
bank declined  to  IliT«  per  cent. 
Rates  at  the  weekly  Treasury 
bill  tender  fell  to  a level 
dealers  said  was  consistent  with 
another  J percentage  point  cut 
in  base  rates. 

The  authorities  are,  however, 
anxious  that  the  markets 
should  consolidate  at  current 
levels  after  Wednesday’s  1 
point  drop  in  base  rates,  rather 
than  rushing  ahead  with  culs 
that  might  have  to  be  reversed. 

Dealers  said  the  Bank’s  lend- 
ing rate  of  12  per  cent,  j point 


above  base  rate,  was  penal  to 
the  discount  houses  but  less 
so  than  similar  rates  hitherto. 
They  said  there  was  still 
enthusiasm  for  sterling  in  the 
foreign  exchange  markets  and 
expected  pressure  for  further 
cuts  in  interest  rates  to  build 
next  week. 

On  the  Stock  Exchange  share 
prices  moved  more  quietly 
after  three  days  of  rising 
swiftly.  The  FT  Ordinary  share 
index  lost  2.9  points  yesterday 
but  still  ended  the  week  51.5 
points  higher  at  1.412.2.  The 
broader  FT-SE  100  share  index 
lost  1.8  on  the  day  but  over 
the  week  gained  63.9  to  end 
at  1.6S8.3. 

Sterling’s  strength  in  the 
foreign  exchange  markets 
helped  the  British  government 
bond  market  to  continue  its 
advance.  Some  stocks  rose  by 
a point  yesterday  and.  in  a 
week  in  which  the  gilt-edged 
market  welcomed  Tuesday's 
Budget,  gains  of  more  than  5 
points  overall  were  recorded. 

The  Bank  issued  a total 
£400m  of  new  bonds  in  tranches 
of  existing  issues,  in  another 
move  viewed  as  aimed  to  con- 


solidate the  market's  current 
levels. 

The  pound  ended  in  London 
at  S1.51  against  the  dollar,  up 
2j  cents  in  the  day  and  nearly 
5 cents  in  the  week.  Against 
the  D-mark  sterling  made  simi- 
lar gains,  closing  at  DM  3.3875, 
a gain  of  2J  pfennigs  on  the  day 
and  nearly  S pfennigs  on  the 
week.  Sterling’s  trade-weighted 
index  rose  0.6  yesterday  to  end 
at  75.9.  compared  with  a level 
of  74.3  at  the  start  of  the  week. 
• Italy  yesterday  cut  its  dis 
count  rate  by  1 percentage 
point  from  15  per  cent  to  14  per 
cent,  Reuter  reports  from 
Rome.  It  is  the  lowest  level 
since  1969.  Favourable  prospects 
for  inflation  and  the  balance  of 
payments,  coinciding  with  an 
improved  situation  on  foreign 
exchange  markets,  had  enabled 
Italy  to  join  in  ihe  round  of 
interest  cuts  seen  in  other  lead- 
ing industrial  countries  this 
month,  the  Italian  Treasury 
said. 

Underlying  growth  rate  down, 
Page  6;  Editorial  Comment. 
Page  10;  UK  Inflation  rate 
drops,  Back  Page 

Money  Markets,  Page  15 


Fabius.  was  to  visit  the  shop-  the  portfolio  he  had  sought  as 

Minister  of  the  Economy  is  seen 
as  removing  hint  as  a potential 
presidential  candidate  on  the 
right. 

New  ministers  were  unwill- 
ing to  discuss  th**  Government’s 
strategy.  However,  Mr  Philippe 
Seguin,  Minister  for  Social 
Affairs  and  Employment,  sought 
to  reassure  trade  unions  by  say- 
ing: “We  are  here  to  discuss 
before  taking  decisions” 

The  pro-Soeialist  CFDT  re- 
plied on  a similar  note  with 
Mr  Edmond  Main*,  its  Secretary 
General,  declaring  that  his 
union  would  judge  the  Govern- 
ment on  its  record  over  unem- 
ployment, which  remained  their 
priority. 

Mr  Francois  Guillaume.  Agri- 
culture Minister -and  . former 
head  of  the  French  farmers' 
union,  said  he  intended  to 
obtain  “a  certain  number  of 
advantages,  perfectly  justified” 
for  farmers.  He  will  attend  his 
first  meeting  of  EEC  agricul- 
ture ministers  in  Brussels  on 
Monday. 

Today’s  cabinet  meeting 
under  President  Mitterrand’s 
chairmanship  will  be  preceded 
by  an  informal  gathering  of 
ministers  under  Mr  Chirac  at 
the  Matignon.  The  mm?  sug- 
gests that  Mr  Chirac  will  seek 
to  make  the  weekly  cabinet 
meetings  more  of  a formality 
while  the  real  work  is  done  at 
ministerial  meetings  at  which 
he  is  in  the  chair. 

Harsh  welcome  for  Chirac, 
Page  3 


Edouard  Balladur.  Minister  of 
Economy  and  effectively  the 
deputy  prime  Minister  of  the 
Right-wing  government,  will 
only  officially  take  over  their 
offices  rrom  their  Socialist  pre- 
decessors at  the  weekend. 

Symbolically,  Mr  Balladur 
made  a point  of  beginning  his 
tenure  by  calling  on  Mr 
Antoine  Pinay,  the  veteran 
finance  Minister.  whom 
Gaullists  regard  as  the  architect 
of  the  recovery  of  the  French 
economy  after  General  de 
Gaulle  took  power  in  1958. 

Mr  Pinay  made  the  focus  of 
his  policy  a 15  per  cent  devalu- 
ation of  the  French  franc 
accompanied  by  tough  measures 
to  restrict  domestic  demand  and 
reduce  the  budget  deficit 

Mr  Pinay  advised  the  Govern- 
ment to  be  cautious  over  lifting 
price  controls  and  cutting  taxes. 

The  bourne  continued  to  rally 
strongly  yesterday,  taking  the 
rise  since  Monday  to  7 per  cent. 
It  has  shown  a 32  per  cent 
increase  since  the  beginning  of 
Ihe  year. 

The  franc,  however,  came 
under  slight  pressure  as  a result 


BUDGET 

What  the  Chancellor’s  decisions 
u*f II  mean  to  FT  readers. 
Pages  IV.  VI.  Mil.  IX 


HONG  KONG 

How  to  Spend  It  in  a shopper's 
paradise. 

Page  XV 


SCULPTURE 

The  Royal  Academy  hosts  a 
major  exliihtinn  of  the  works 
of  Sir  Alfred  Gilbert,  creator  of 
Eros. 

Page  XVII 


Backing  for  Lawson  in  FT  poll 


BY  MALCOLM  RUTHERFORD 

THE  CHANCELLOR’S  Budget 
proposal  to  link  a significant 
proportion  of  employees'  re- 
muneration lo  the  profitability 
of  the  company  for  which  they 
work  has  won  overwhelming 
support  among  senior  execu- 
tives. 

According  to  a telephone  poll 
conducted  by  Marplan  for  the 
Financial  Times  in  the  two  days 
after  the  Budget.  74  per  cent  of 
directors  of  companies  with  an 
annual  turnover  of  more  lhan 
£5m  said  that  they  were  in 


cent  said  that  they  were  indif- 
ferent. 

Mr  Lawson  put  forward  the 
suggestion  as  a way  of  intro- 
ducing more  flexibility  into  the 
pay  system  and  of  reducing  the 
need  for  lay-offs  when  profits 
declined. 

There  is  also  considerable  sup- 
port among  executives  for  the 
Chancellor's  proposed  Personal 
Equity  Plan,  under  which  people 
will  be  able  to  invest  up  to  £200 
a month  in  shares  and  be  free 
of  tax  on  re-invested  dividends 
favour  of  the  idea.  Only  33  per  and  capital  gains  made  on  dis- 
cent were  opposed  and  12  per  posals. 


Sixty  per  cent  of  those  polled 
said  that  they  would  use  the 
scheme  themselves;  38  per  cent 
said  they  would  not.  However. 
62  per  cent  said  they  thought 
their  employers  would  use  it. 
and  34  per  cent  thought  the 
contrary. 

The  plan  is  due  to  go  into 
operation  next  January. 

There  was  much  less  interest, 
however,  in  the  Chancellor’s 
New  Workers'  Scheme,  under 
which  the  Government  will  pay 
£15  a week  for  a year  to  any 
Continued  on  Back  Page 
Budget  reaction.  Page  6 


CONTENTS 


Austin-Rover:  still  looking  for  the  open 

road  10 

Woman  in  the  news:  Sarah  Ferguson  10 
Editorial  comment:  Mr  Lawson  and  the 
City  10 


Overseas  aid:  helping  small  farmers  to 
boost  their  incomes  11 

The  North:  stale  bread  and  pan-fried 
prawns  :...  11 


Appointments 

Commodities  

Company  News  ... 
Economic  Diary  ... 
European  Options 
FT  Actuaries  . ... 
Foreign  Exctisnoos 
Gold  Markets  .... 
Inti.  Co.  News  ... 
Leader  Pag*  ... .. 
Letters  


9 

lex 

22 

UK  News: 

Crest  Nicholson  ... 

13 

15 

London  Options  ... 

13 

General 

4.  6 

Nationwtds  

11 

12 

Men  In  the  Nows 

10 

Labour  

8 

Jardine  Mathaaon 

X 

9 

Moray  Marietta  . . 

15 

Unit  Trusts 

17-19 

Pearson  

III 

13 

OVMHc  Nwm  . . 

2.3 

Weather  ... 

22 

Alliance  Trust  ... 

IX 

12 

Bass  Rates 

13 

Foreign  & Colonial 

6 

15 

SE  Dealings  

18-17 

Bldg.  Sac. 

Rstss 

VI 

Delta  Group 

10 

15 

inv.  Tst. 

TsWs 

XI 

Charities  Official 

13 

1G 

Inv 

13 

10 

Wall  SUMt  . .. 

14 

ANNUAL  STATEMENTS 

INTERIM  STATEMENTS 

11 

Bourses  

14 

Temple  Bar 

Inv. 

IV 

Swiss  Volksbank 

13 

For  London  market  and  latest  shore  index  01-246  8026;  overseas  markets  01-246  8086 


THE 


HOW  TO  AFFORD 

ENTRANCE. 


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from  £1000  a term. 

But  do  a bit  of  prep  first.  And  you’ll  find  there’s  no  need 
to  dig  into  your  pockets  quite  so  deeply. 

Save  & Prosper  School  Fees  Capital  Plan  can  cut  up  to 
75%  off  your  school  fees  bills. 

Hnd  out  more  by  filling  in  the  coupon. 

For  getting  your  child  through  the 
school  gates,  it  could  be  just  the  ticket. 


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Financial  Times  Saturday  March  22  1986 


OVERSEAS  NEWS 


Reagan  refuses 
to  accept  defeat 
on  aid  to  Contras 

BY  REGINALD  DALE,  US  EDITOR  IN  WASHINGTON 


PRESIDENT  Ronald  Reagan  is 
refusing  to  accept  defeat  in  his 
intense  personal  struggle  for  US 
military  aid  for  the  anti- 
government  Contra  rebels  in 
Nicaragua,  despite  a resounding 
rebuff  in  the  House  of  Repre- 
sentatives on  Thursday. 

White  House  officials  believe 
that  they  can  still  prevail  with 
a modified  version  of  Mr 
Reagan’s  proposal  in  further 
negotiations  on  Capitol  Hill  and 
that  Congress  will  ultimately 
provide  some  form  of  renewed 
military  aid  to  the  Contras. 

There  may,  however,  be  more 
strings  attached  than  Mr  Reagan 
was  prepared  to  accept  in  the 
proposal  that  the  Democrat- 
controlled  House  rejected  by 
222  votes  to  210  on  Thursday, 
in  one  of  the  President's  worst 
foreign  policy  defeats  on 
Capitol  Hill. 

Backers  of  aid  to  the  up  to 
20.000  Contras,  who  have  been 
fighting  largely  a losing  battle 
against  the  Soviet-equipped 
Sandinista  government  forces 
for  the  past  five  years,  were  yes- 
terday claiming  that  the  close- 
ness of  the  House  vote  in  fact 
showed  growing  support  for 
their  cause. 

Senator  Robert  Dole,  the 
Senate  majority  Republican 
leader,  predicted  that  Mr 
Reagan  would  win  in  the 
Republican-led  Senate,  which  is 
expected  to  start  debate  on  the 
plan  next  week.  Mr  Regan  is 
asking  for  a SlOOzn  (£67.5m) 
package,  most  of  it  in  military 
aid,  but  with  S75m  withheld  for 
90  days  to  allow  negotiations 
with  the  Sandinista  a final 
chance. 

White  House  officials  said  that 


with  the  delay  caused  by  the 
plan’s  initial  rejection  in  the 
House,  the  waiting  period  might 
now  be  reduced  to  60  days. 
That  would  mean  that  if  the 
House  accepts  a version  of  the 
proposal  in  its  next  vote. 
scheduled  tor  April  15,  the  aid 
would  still  become  available 
according  to  the  original  time- 
table. 

Even  Democrats  who  oppose 
the  whole  idea  of  helping  the 
Contras,  for  fear  that  it  will 
lead  to  a “ new  Vietnam.”  con- 
cede that  the  House  may  well 
adopt  some  form  of  aid  plan  in 
its  second  vote.  But  wavering 
voters  in  the  House  want  first 
to  be  convinced  that  Mr  Reagan 
has  made  a bona  fide  attempt  at 
negotiations  with  the  Sandinis- 
tas  and  they  want  the  White 
House  to  drop  its  tactic  of  try- 
ing to  suggest  that  anyone  who 
opposes  the  aid  plan  is 
unpatriotic,  if  not  pro-Gom- 
munist. 

Tim  Cooue  in  Managua  adds: 
Nicaraguan  President  Daniel 
Ortega,  speaking  on  national 
television  after  the  result  be- 
came known,  said:  "The  fact 
that  they  have  voted  in  a certain 
way  does  not  signify  that  the 
war  has  ended.  The  aggression 
continues.  US  troops  are  in 
Honduras  and,  what  is  more, 
they  have  brought  forward  their 
manoeuvres  programmed-  for 
April.” 

Nicaragua  is  confident  it  can 
defeat  the  guerrillas  whether  or 
not  the  aid  package  is  approved. 
It  is  deeply  concerned,  however, 
about  Congress  being  co-opted 
by  the  White  House  in  the 
latter's  increasingly  transparent 
aim  to  remove  tile  Sandinistas 
from  power. 


Non-Opec  producers  hold 
out  against  output  cuts 

BY  RICHARD  JOHNS  IN  GENEVA 


THE  ORGANISATION  of  Petro- 
leum Exporting  Countries  and 
five  other  producers  yesterday 
were  trying  to  find  a formal 
agreement  which  might  convince 
the  markets  of  their  ability  to 
restrain  oil  supplies  and  thus 
revive  price  levels. 

There  was  a clear  lack  of  con- 
viction that  a compromise  suffi- 
cient to  reassure  the  market  of 
their  will  and  self-discipline 
would  be  reached. 

The  meeting  between  all  13 
Opec  members  and  Mexico, 
Egypt,  Oman,  Malaysia  and 
Angola  was  taking  place  yes- 
terday evening  as  Opec  sought 
to  win  their  collaboration  in 
curbing  output,  especially  dur- 
ing the  critical  second  quarter 
of  1986. 

Yesterday  morning  an  Opec 
proposal  that  the  five  should 
cut  their  output  by  20  per  cent 
was  summarily  dismissed  by 
the  guest  participants  which 
were  said  to  have  nearly  walked 
out  in  protest. 

The  main  problem  remained 
Opec’s  inability  to  agree  upon 
sharing  a total  collective  out- 


put of  less  than  16m  barrels- 
a-day  during  the  second  quar- 
ter. Total  demand  is  then  un- 
likely to  be  more  than  15.5m 
b/d,  according  to  industry 
forecasters.  The  16m  b/d 
ceiling  was  agreed  in  October 
1984.  • 

Fundamental  to  Opec’s  pre-JJ 
dicament  is  lack  of  trust* 
among  members,  especially  as 
a result  of  the  war  between 
Iran  and  Iraq,’ 

Saudi  Arabia  is  adamant  in 
its  refusal  both  to  concede 
anything  less  than  27  per  cent 
of  total  Opec  output,  the  maxi- 
mum allowed  it  under  the  1984 
pact  and  to  return  to  the  role 
of  “swing  producer.” 

Sheikh  Ahmed  Zaki  Yamarri, 
Saudi  Minister  of  Oil, 
apparently  would  like  to  ter- 
minate the  proceedings  as  soon 
as  possible  and  leave  other  pro- 
ducers to  their  own  devices.  In 
practice,  the  kingdom  would 
like  to  see  the  market  suffer 
more  before  rejoining  any  con- 
certed effort  involving  if  pos- 
sible the  North  Sea  producers, 
UK  and  Norway. 


Nato 
nuclear 
cutback  . 
‘on  target’' 

By  Bridget  Bloom  in  Wuerzburg 

NATO  NOW  has  fewer  nuclear 
weapons  in  Europe  than  at  any 
time  for  20  years,  Lord 
Carrington,  the  Alliance’s 
secretary-general  said  here 
yesterday.  Lord  Carrington, 
speaking  at  the  close  of  the 
defence  ministers'  Nuclear 
planning  Group  (NPG)  meeting 
here,  said  progress  in  reducing 
Nato’s  nuclear  stockpile 
stemmed  principally  from  the 
so-called  Montebello  agreement 
of  1983,  now  being  implemented. 

Under  a detailed  plan 
produced  by  General  Rogers, 
Nato’s  European  commander, 
Nato  will  have  withdrawn  more 
than  L40G  nuclear  weapons  by 
1988  and  will  then  have  fewer 
titan  4,600  nuclear  bombs, 
missiles  and  shells  in  Europe, 
compared  to  7,000  such  battle- 
field weapons  in  the  late  1970s. 

Gen  Rogers*  plan,  which 
involves  the  redeployment  of 
some  nuclear  weapons  to  Nato’s 
southern  flank,  is  believed  to  be 
meeting  some  resistance  from 
Italy  and  Turkey,  the  countries 
principally  involved,  although 
Lord  Carrington  said  yesterday 
that  no  dissatisfaction  had  been 
expressed  at  the  NPG  meeting. 

Officials,  however,  admit  that 
the  second  phase  of  the  Rogers 
plan,  which  would  involve 
some  costly  modernisation  of 
battlefield  weapons  on  the 
central  European  front  — thus 
affecting  the  UK  and  Germany 
among  others  — have  been 
shelved  both  on  grounds  of  its 
political  sensitivity  and  cost 

Lord  Carrington  yesterday 
described  the  NPG  meeting  as 
useful  rather  than  decisive.  The 
$26bn  Star  Wars  project  appar- 
ently dominated  discussions. 

At  the  press  conference  yes- 
terday. Mr  Manfred  Werner, 
the  West  German  Defence 
Minister,  sought  to  clarify  the 
confusion  which  has  arisen 
over  whether  or  not  West  Ger- 
many believes  there  should  be 
a parallel  European  defence 
initiative  to  protect  Ehrope 
against  incoming  shorter-range 

Tniniilfls. 

Mr  Werner  said  he  had  never 
canvassed  the  idea  of  a specific 
European  defence  initiative 
separate  from  the  US  Strategic 
Defence  Initiative  (SDI),  the 
formal  name  for  Star  Wars.  He 
agreed  that  SDI  would  provide 
defence  for  Europe  against 
medium  and  some  short-range 
as  well  as  intercontinental 
ballistic  missiles.  What  was 
necessary  was  a more  efficient 
air  ^defence  system  for  Europe 
unsigned  to  operate  against 
short-range  tactical  missiles  as 
well  as  aircraft 

Lord  Carrington  added  that 
studies  of  such  a system  were 
under  way  within  Nato  but  it 
was  too  early  to  say  whether 
there  would  be  a separate 
research  programme  let  alone 
development  or  deployment  of 
any  new  system. 

Reuter  adds  from  Wuerzburg: 
Mr  Caspar  Weinberger,  the  US 
Defence  Secretary,  insisted  to- 
day that  the  US  would  not  give 
up  the  SDI  in  any  arms  control 
agreement  or  accept  a ban  on 
nuclear  testing.  He  told  re- 
porters the  SDI  was  "one  of 
the  very  highest  priorities  of 
our  government  ” 


The  New  Persona! 
Equity  Plan: 

a tax-efficient 
equity  investment 


Under  this  week's  Budget  proposals,  from 
1st  January  1987  UK  individuals  can  benefit  by 
investing  in  UK  shares  up  to  a maximum  of  £2,400 
per  annum  in  a Personal  Equity  Plan  (PEP). 

Personal  Equity  Plans  offer  these 
considerable  tax  incentives: 

Provided  your  investment  is  held  for  a 
minimum  period  of  one  calendar  year  its 
growth  in  value  will  be  free  from  capital 
<^ins  tax. 

Provided  your  dividends  are  reinvested, 
no  income  tax  is  payable. 

N.M.  Rothschild  Asset  Management 
intends  to  add  the  Personal  Equity  Plan  to  its 
existing  range  of  investment  products.  For  further 
information  please  complete  the 
coupon  below,  or  telephone 01-2805279. 


lb:  N.M.  Rothschild 
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FREEPOST  London  EC4B4RD 
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I 


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TelNo.  I Evening L 


— J 


N M ROTHSCHILD  ASSET  MANAGEMENT 


Manila  seeks  to  block  sanctuary  for  Marcos 


BY  SAMUEL  SENOREN  IN  MANILA 


THE  GOVERNMENT  of  Presi- 
dent Gdrazon  -Aquino  wi}]  cut 
diplomatic  ties  with  any  country, 
other' than  the  US,  which  gives 
-sanctuary  to  former  President 
Ferdinand  Marcos  and  his 
family  who  fled  to  Hawaii  on 
February  25  after  being  toppled 
by  military  revolt. 

Vice  President  Salvador 
Laurel,  wbD  is  also  the  Foreign 
Minister,  warned  yesterday  that 
granting  political  asylum  to  Mr 
Marcos  would  be  considered  an 
“unfriendly  act.” 

The  Aquino  Government 
which  had  cancelled  the  pass- 
ports of  Mr  Marcos  and  88 
others  of  his  entourage,  wants 
him  to  stay  in  the  US  where  he 
may  face  court  action  to  recover 
the  billions  of  dollars  of  illegally 


acquired  wealth  and  also 
charges  of  human  rights  abuses. 

The  Government  of  Panama 
yesterday  said  that  it  had 
rejected  a request  for  asylum 
from  Mr  Marcos.  The  Govern- 
ment “determined  that  it  was 
not  favourable  for  Panama  at 
this  time  to  accept  the  tempo- 
rary presence  of  Mr  Marcos  in 
our  country,”  said  a spokesman. 

However,  the  Reagan  Admini- 
stration is  still  trying  to  per- 
suade Panama  to  accept  Mr 
Marcos  as  a permanent  resi- 
dent said  Mr  Donald  Regan. 
President  Reagan’s  chief  of  staff 
yesterday.  '‘We’re  still  talking 
to  Panama  about  taking  Marcos 
there.”  he  said.  “ There  is  still 
a possibility.” 

In  Manila,  a special  com- 


mission has  been  set  up  to 
recover  assets  held  abroad  by 
Mr  Marcos  and  close  friends 
said  to  have  benefited 
immensely  from  connections 
with  the  deposed  strongman. 

The  chairman  of  the  com- 
mission, Mr  Jovito  Salonga,  is 
now  in  the  US  supervising 
efforts  to  identify  and  retrieve 
Mr  Marcos’  assets  in  the  New 
York  area. 

Mr  Marcos  has  been  charged 
by  Mrs  Aquino  with  ordering 
the  assassination  of  her 
husband,  the  opposition  leader 
Mr  Benigno  Aquino,  at  Manila 
Airport  in  1983. 

Yesterday,  a presidential  com- 
mittee on  human  rights  formed 
by  Mrs  Aquino  this  week, 
announced  it  would  reopen  the 


investigation  of  Mr  Aquino  s 
murder. 

Initially,  the  committee,  led 
bv  former  Senator  Jose  Dlokno. 
wants  to  know  whether  Mr 
Marcos  ordered  a whitewash  of 
a court  trial  last  year 

A government  lawyer  who 
prosecuted  the  case  claimed  Mr 
Marcos  .pressured  .prosecutors 
and  judges  into  clearing  Gen 
Ver  who  fled  with  -the  former 
president. 

• Swiss  authorities  warned 
banks  yesterday  to  monitor 
carefully  any  move  to  deposit  or 
withdraw  money  on  behalf  of 
Mr  Marcos  following  speculation 
he  has  millions  of  dollars  in 
accounts  in  Switzerland,  Reuter 
adds  from  Zurich. 


Marcos:  no  sanctuary 


Four  killed 
as  Sikhs 
demonstrate 
in  Punjab 

By  John  Elliott  in  New  Delhi 

AT  LEAST  four  people  are 
believed  to  have  bees  killed 
in  the  northern  Indian  state 
of  Punjab  yesterday  at  the 
end  of  a week  of  the  worst 
riots  and  bloodshed  in  the 
area  for  more  than  six 
months. 

Four  died  when  para- 
military forces  opened  fire  on 
several  thousand  militant 
Sikhs  who  were  staging  a 
demonstration  around  the 
Punjab  assembly  buildings  in 
the  state  capital  of 
Chandigarh  2nd  two  more 
were  killed  in  clashes  with 
security  forces  near  Amritsar. 

Violence  has  escalated  in 
the  troubled  state  during 
recent  weeks  and  10,000 
members  of  the  security 
forces  were  flown  in  during 
the  past  few  days.  Assassina- 
tions by  Sikh  extremists  have 
escalated  into  clashes 
between  Sikhs  and  Hindus, 
starting  the  first  mass 
communal  violence  since 
before  the  Sikhs'  Golden 
Temple  in  Amritsar  was 
stormed  by  the  Indian  army 
in  June  1984. 

The  increased  violence  Is 
a major  setback  for  the 
government  of  Mr  Rajiv 
Gandhi  which  had  hoped  that 
the  election  lost  September  of 
a Sikh  Akali  Dal  government 
in;  Punjab would  lead  to 
stability.  Instead  nearly  200 
people  have  Seen  killed,  since 
the  .election.  ’•  The  state 
government  faas.f ailed  to  curb 
violence  and  has  allowed  a 
relatively  small  number  of 
extremists  to  spread  terror 
and  riots  throughout  the 
state. 

This  resurgence  of  Sikh  ex- 
tremism is  also  causing  prob- 
lems in  India’s  international 
relations.  A rapprochement 
with  neighbouring  Pakistan 
has  been  partially  upset  by 
India’s  renewing  allegations 
that  Pakistan  is  training  ex- 
tremists to  infiltrate  the  Pun- 
jab. 

India  is  also  stepping  up  its 
complaints  about  activities  in 
the  UK  of  Sikh  extremists. 
Sir  Geoffrey  Howe,  Foreign 
Secretary,  will  come  under 
strong  pressure  from  Mr 
Gandhi  when  he  visits  Delhi 
in  nine  days’  time  to  agree 
an  extradition  treaty  between 
the  two  countries. 

Yesterday's  violence  in 
Chandigarh  was  the  worst 
ever  seen  in  the  city.  Sikh 
extremists  led  by  Mr  Joginder 
Singh,  father  of  Sant  Jarnail 
Singh  BhindranwaJp.  who  was 
killed  In  the  Golden  Temple 
action,  broke  through  para- 
military police  cordons. 

They  wielded  swords,  sticks 
and  iron  rods  and  were  not 
repulsed  hy  tear  gas  and  rub- 
ber bullets. 

Earlier  in  the  week  the  in- 
dustrial town  of  Batala,  north 
of  Amritsar  and  a centre  of 
northern  India's  machine  tool 
industry,  was  surrounded  hy 
Sikh  extremists  after  rumours 
of  Hindu  attacks. 

Arafat  blames  US 

Palestine  Liberation  Organisa- 
tion (PLO)  leader  Mr  Yasser 
Arafat  said  yesterday  the  US 
altitude  made  a peaceful  solu- 
tion to  the  Middle  East 
conflict  Impossible.  Reuter 
reports  from  Abu  Dhabi.  He 
said  be  agreed  with  a state- 
ment on  Thursday  In  Cairo 
by  Jordan's  King  Hussein  that 
peace  efforts  had  reached  a 
dead  end. 


Howe  warns  Athens  oyer  bases 


BY  ANDRIANA  IERODIACONOU  IN  ATHENS 


SIR  GEOFFREY  HOWE,  the 
British  Foreign  Secretary, 
yesterday  warned  Dr  Andreas 
Papandreou's  socialist  govern- 
ment against  closing  down  the 
four  American  military  bases 
in  Greece  for  fear  of  jeopardis- 
ing both  Nato  and  Greek 
security.  Sir  Geoffrey  arrived 
in  Greece  for  a three-day  official 
visit  on  Thursday. 

“ Greece,  like  Britain, 
provides  highly  valuable  facili- 
ties for  other  allies’  forces.  And 
Greece,  like  Britain,  must  help 
to  preserve  the  chain  of 
strategic  consensus  and  political 
solidarity.  Without  all  these 
Greek  roles  and  contributions 
Nato's  collective  security  wo.u!d 
not  be  complete.  Neither  would 
the  security  of  Greece  herself,” 
Sir  Geoffrey  said  in  a pointed 
speech  delivered  at  a lunch 
organised  by  the  British- 
Hellenic  Chamber  of  Commerce. 

The  Foreign  Secretary’s  main 
theme  was  the  need  for  co-opera- 


US  Secretary  of  State,  Mr 
George  Shultz,  staring  a 10- 
day  tour  of  Europe  yesterday, 
said  be  would  press  the  Greek 
Government  to  decide  if  it 
intended  to  shut  four  key  US 
bases  in  1988,  AP  writes  from 
Paris. 

tion  in  favour  of  collective 
interests,  before  which  national 
ones  must  at  times  give  way  in 
Nato  and  the  EEC. 

Sir  Geoffrey’s  speech  was 
given  additional  political  spice 
by  the  fact  that  it  came  only 
days  before  the  arrival  in 
Athens  on  March  25  of  Mr 
George  Schultz,  the  US 
Secretary  of  State,  for  wo  days 
of  talks.  These  are  expected  to 
centre  on  the  future  of  the 
American  bases  beyond  1988, 
when  the  present  five-year 
agreement  for  their  operation 
runs  out. 

For  his  part  in  a 90-minute 


meeting  with  Sir  Geoffrey 
before  yesterday’s  lunch,  Mr 
Papandreou  reportedly  stuck  to 
his  guns  on  the  two  thorny 
foreign  policy  issues  of  Turkey 
and  Cyprus.  Encousaging  Greece 
to  improve  its  relations  with 
Turkey  in  Rid  of  Nato  unity, 
and  to  support  the  current  UN 
peace  initiative  for  Cyprus, 
were  key  items  on  Sir  Geoffrey's 
agenda. 

Greek  government  officials 
said  Mr  Papandreou  told  the 
Foreign  Secretary  that  Greece 
sets  three  conditions  on  a fair 
and  viable  UN  peace  settlement 
for  Cyprus: 

• the  withdrawal  of  Turkish 
occupation  troops. 

• guarantees  which  would  pre- 
vent a future  Turkish  interven- 
tion and 

• the  departure  of  settlers 
brought  to  Cyprus  from  the 
Turkish  mainland  after  the  1974 
invasion. 


South  Africa  massacres  marked 


BY  ANTHONY  ROBINSON  IN  JOHANNESBURG 


DEMONSTRATIONS  took  place 
yesterday  in  all  South  Africa’s 
major  cities  in  commemoration 
of  the  Langa  massacre  and  that 
in  Sharpeville  26  years  ago.  In 
Langa  itself  thousands  of 
mourners  watched  the  unveiling 
of  a memorial  at  the  graves  of 
those  killed  by  police  there  a 
year  ago. 

Strong  police  foot  patrols 
were  in  evidence  in  Johhannes- 
burg,  Durban  and  other  cities 
and  police  wielding  batons  and 
sjamboks  and  firing  tear  gas 
broke  up  demonstrations  in 
central  Johannesburg  and 
Durban. 

The  day  was  marked  by  a 
mass  work  stayaway  in  Port 
Elizabeth  and  other  towns  in 
the  Eastern  Cape.  The  Volks- 


wagen plant  in  Uitenhage  was 
deserted  but  General  Motors  in 
Port  Elizabeth  worked  with  a 
skeleton  staff. 

Police  in  Langa,  in  the 
Eastern  Cape,  used  tear  gas  to 
disperse  cravds  at  the  spot 
where  the  massacre  took  place 
last  year  after  local  magistrates 
had  denied  permission  to  hold 
a commemoration  meeting. 

A large  crowd  of  up  to  50.000 
people  gathered  in  .the  sports 
stadium  at  nearby  Kwanobuhle 
but  Mrs  Winnie  Mandela,  wife 
of  jailed  African  National 
Congress  leader  Nelson 

Mandela,  who  was  expected  to 
speak  did  not  turn  up.  Her 
speech  ” in  remembrance  of  our 
fallen  heroes”  was  read  for 
her. 


In  Sharpeville,  some  60  kms 
east  of  Johannesburg,  members 
of  the  Sharpeville  Youth 
Congress  went  to  the  local 
cemetery  early  in  the  morning 
to  clean  the  graves  of  the  69 
people  killed  26  years  ago,  a 
traditional  sign  of  respecL 
Police  reported  no  incidents. 

But  Brig  Jan  Coetzee,  chief 
of  police  in  Soweto  township 
near  Johannesburg  revealed 
yesterday  that  police  had 
prevented  a planned  attack  on 
the  homes  of  black  policemen 
when  they  seized  55  petrol 
bombs  and  arrested  several 
vouths.  The  arrests  followed  a 
clash  between  police  and  a 300- 
strong  group  of  youths  during 
which  one  unidentified  youth 
was  killed,  police  added. 


Malay  economy  misses  goal 


BY  WONG  SULONG  IN  KUALA  LUMPUR 


MALAYSIA'S  fifth  five-year  plan 
(19S6-90)  has  confirmed  that 
the  centrepiece  of  the  Govern- 
ment’s new  economic  policy— 30 
per  cent  Malay  ownership  of  the 
corporate  sector  by  1990— will 
not  be  achieved. 

The  plan,  presented  in 
parliament  yesterday.  said 
that  because  of  expected  slower 
growth — 5 per  cent  over  the 
next  five  years,  Malay  ownership 
or  the  corporate  sector  will  he 
around  22  per  cent  by  1990.  the 
end  oF  the  20-year  new  economic 
policy  (NEP),  period. 

The  plan  does  not  state  how 
thp  NEP  target  can  he  achieved. 
This  is  a sensitive  political 
issue  and  the  Government 


appears  to  have  two  choices:  to 
extend  the  NEP  beyond  1990, 
which  would  be  unpopular  with 
the  non-Malays,  or  to  introduce 
government  enterprises  into  the 
stock  exchange,  to  be  held  in 
trust  for  the  Malays. 

The  NEP  was  launched  in 
1971  by  the  former  prime  min- 
ister. the  late  Tun  Abdul  Razak. 
to  upgrade  the  economic  status 
of  the  Malays  to  that  of  the  non- 
Malays.  The  achievement  of  this 
he  believed  was  fundamental  to 
racial  harmony 

Thp  fifth  Malaysia  plan  envis- 
ages an  annual  growth  rate  of 
5 per  rent  over  the  next  five 
years,  compared  with  5.8  per 
cent  during  the  fourth  plan. 
This  slower  growth  will  push 


unemployment  up  to  10.1  per 
cent  by  1990  from  7.6  per  cent 
last  year. 

The  government  is  cutting 
back  development  spending  by 
8 per  cent  to  just  under 
USS30bn.  with  the  biggest  cut- 
back of  37  per  cent  in  defence 
and  internal  security  to  Sl.SSbn. 

The  cuts  reflect  the  antici- 
pated sharp  decline  in  govern- 
ment revenue  as  a result  of 
falling  commodity  prices. 

The  private  sector  will  play 
a dominant  role  in  boosting 
growth,  and  thp  plan  envisages 
the  Government  offering  more 
incentives  to  the  orivate’  sector, 
while  relaxing  its  previously 
tough  equity  rules  on  foreign 
investment. 


Sabah  tense  after  mosque  arrests 


BY  CHRIS  SHERWELL  IN  KOTA  KINABALU.  SABAH 


MALAYSIA'S  strife-torn  eastern 
state  of  Sahah  remained  tense 
yesterday  as  police  arrested 
more  than  1.600  Moslem  mili- 
tants occupying  a mosque  and 
Chinese  businessmen  bitterly 
criticised  their  handling  of  the 
recent  sectarian  violence. 

A ten-day  campaign  of  bomb- 
ing and  demonstrations  has 
apparently  been  aimed  at  de- 
stabilising the  mainly  Christian 
Government  of  Datuk  Joseph 
Pairin  Kitingan  and  provoking 
emergency  rale  from  Kuala 
Lumpur. 


Five  people  have  died  and 
scores  have  been  hurt,  property 
damage  runs  to  millions  of  dol- 
lars and  in  Kotakinabalu.  the 
capital,  streets  arc  lined  with 
wrecked  shops 
Tn  spite  of  more  bomb  hoaxes 
yesterday  and  an  illegal  demon- 
stration by  Moslems  after  Fri- 
day prayers  in  the  town  of 
Sandakan.  police  reported  a 
“definite  improvement”  in  the 
situation  and  said  the  dusk-io- 
dawn  curfew  in  Kotakinabalu 
micht  be  relaxed  “ in  a day  or 
two.” 


It  was  not  immediately  clear 
yesterday  why  occupants' of  the 
mosque  voluntarily  agreed  to 
surrender,  but  the  two-day 
operation  brought  the  total 
number  of  arrests  since  March 
12  to  3.200.  of  which  950  have 
since  been  released. 

The  disturbances  reached  a 
peak  with  serious  riots  on  Wed- 
nesday, when  demonstrators 
burst  out  of  the  mosque  and 
police  temporarily  lost  control 
of  public  order.  The  curfew 
imposed  that  night  was  the  first 
in  the  state  capital. 


Europeans  rebut  US  charges  on  Airbus 


BY  WILLIAM  DULLFORCE  IN  GENEVA 


WITHOUT  the  European  Airbus 
there  would  be  no  true  competi- 
tion in  the  market  for  large  civil 
aircraft.  France.  Britain  and 
West  Germany  have  told  the 
US.  Their  riposte  came  during 
talks  in  Geneva  about  US 
charges  that  government  sup- 
port for  the  Airbus  was  violating 
fair  trading  practices. 

Airlines  already  complain 
about'  the  excessive  price  of  the 
only  long-range  airliner— the 
Boeing  747 — Mr  Dieter  Wolf, 
the  leader  of  the  West  German 
team.  said. 

The  three  European  govern- 
ments’ political  motive  for 
assisting  the  jointly  owned  Air- 
bus Industrie  was  to'avoid  being 
confronted  by  a US  monopoly. 
More  than  1,000  US  aircraft 


were  operating  with  European 
airlines  while  no  more  than  56 
Airbuses  had  been  sold  in  the 
US.  Mr  Wolf  said. 

The  two-day  talks,  prompted 
by  a request  for  consultations 
from  Mr  Clayton  Yeutler.  the 
US  trade  representative,  have 
been  inconclusive  and  will  be 
continued  later. 

Mr  Wolf  described  them  as  a 
” prc-ncgotlaling  phase  ” and  Mr 
Brace  Wilson,  the  assistant  US 
trade  representative,  said  a start 
had  been  made  on  clearing  up 
misunderstandings  which  might 
lead  to  a common  understanding 
about  what  represented  fair 
competition  in  the  civil  aircraft 
business. 

The  two  sides  are  still  Far 
apart  In  assessing  government 
aid  for  aircraft  development 


The  Europeans  claimed  that  US 
manufacturers  draw  substantial 
benefits  from  a " combined  areo- 
nautlcs  expenditure  ” of  $47bn 
(£32 bo)  over  ihe  past  15  years 
bv  the  US  Defence  and  Trans- 
port Departments  and  the 
National  Aeronautics  and  Space 
Administration. 

Tax  benefits  realised  when  US 
manufacturers  were  allowed  to 
set  up  foreign  sales  corporations 
«n-f*d  p-oeing  S?.97ni  and  McDon- 
nell Douybs  well  over  S3 00m 
(1205m) . accord  Ing  t0  the 
Europeans. 

Th"  West  German  Govern- 
mcm  showed  contributions 
totalling  DM  2.7bn  (£S20m)  in 
launrh  aid  for  Airbus  pro- 
grammes up  to  the  end  of  19S5. . 
The  French  Government  has 
allocated  " cash  credits " of 


FFr  S.Tbn  to  Airbus  to  the  end 
of  1986  and  the  British  Govern- 
ment says  its  launch  aid  has  so 
far  been  limited  to  £25Gm  for 
Ihe  new  Airbus  A-320. 

All  these  government  ad- 
vances are  repayable  and  fully 
in  line  with  the  regulations  of 
the  General  Agreement  on 
Tariffs  and  Trade,  the  Euro- 
peans Insist.  Mr  Michel  Lagorco, 
the  leader  of  the  French  delega- 
tion. said  more  than  a quarter 
or  hl<?  Government’*;  advances  to 
Airbus  had  already  been  repaid. 

The  Four  countries  also  dis- 
cussed government  " induce- 
ments ” tn  aircraft  buyers.  Mr 
'Voir  suggested  tentatively  that 
a list  of  unacceptable  political 
actions  by  governments  in  con- 
nection with  aircraft  sales  might 
be  drawn  up. 


Sindona  In 
coma  after 
cyanide 
poisoning 

By  James  Buxton  in  Rome 

MR  Michele  Sindona.  the  bank- 
rupt  Italian  financier,  who  wa s.^ 
close  to  death  in  a severe  coma  ; 
yesterday,  was  officially  con-- 
firmed  to  be  suffering  from  j 
cyanide  poisoning.  Doctors  said  ; 
he  was  being  kept  alive  by  r 
artificial  means.  ’ 

Mr  Sindona  was  taken  ill  on 
Thursday  morning  while  eat- 
ing his  breakfast  in  the  maxi- 
mum security  prison  at_ 
Voghera  near  Milan. 

Yesterday,  amid  a mounting' 
political  row  over  the  affair,  ' 
it  was  being  asked  whether  Mr  . ) 
Sindona  had  voluntarily  tried 
to  commit  suicide,  or  whether - 
someone  had  tried  to  murder 
him.  ^ 

Mr  Mino  Martinazzoli,  the; 
Minister  of  Justice,  revealed  to : 
parliament  yesterday  that  Mr'. 
Sindona  had  broken  his  normal  - 
breakfast  routine  by  asking  to. 
be  allowed  to  take  his  coffee, 
in  the  bathroom  of  his  prison ' 
cell.  This  put  him  out  of  sight  ‘ 
of  the  guards  who  normally 
watched  his  every  move. 

He  then  staggered  back  into 
the  main  part  of  the  cell.  • 
exclaiming:  ‘They Ye  poisoned 
me.” 

Since  Mr  Sindona's  meals 
were  normally  tasted  by  prison  - 
officers  before  being  sent  up  to 
him.  there  was  speculation  yes- 
terday that  he  may  have 
inserted  the  poison  into  his 
breakfast  himself  — buV 
whether  out  of  a genuine 
desire  to  commit  suicide,  or 
because  he  was  obliged  to  do 
so  by  outside  forces  is  not 
known. 

China  N-test  pledge 

CHINA  will  no  longer  conduct 
atmospheric  nuclear  tests. 
SgBF  Zharo  Ziyang  said 
yesterday  at  a rally  marking 
the  International  Year  of  Peace. 
re£5*s  AP  from  Peking.  • 
n,r?ina*  h“s.  not  conducted* 
nuclear  tests  fn  the  atmosphere 
tor  many  years  and  will  not 
conduct  atmospheric  nuclear., 
tests  m the  future,"  he  said,  t ~ 


FINANCIAL  times.  USPS  No 
holiday^  US  "subscription 

6Qth  StTgat.  New  York  m 


TOKYO  TRUST  SJ 
Notice  of 

Annual  General  Meet 


NOTICE  IS  HEREBY  GIVI 
tne  Seventeenth  Annual  I 
Meetmg  of  the  Company 
heW  at  Hotel  del 
B^rdighera.  Italy,  on  Mtl 

fnM6  -3t  ,2‘00  n00n  f 
following  purposes: 

{•To  receive  the  report 
Directors  and  the  , 
Accounts  for  the  year 
31  st  December.  1985. 
declare  a dividend, 
v®  confirm  the  appoi 
of  Mr  John  Renyi,  Nr 
Grosperrin.  Mr  Lucien 
ana  Mr  Jacques  Sevdi 
P;re«ors  of  the  Compai 
fherr  remuneration 

rJ°  *uthori,e  the  Direc 

,udi«4.  ■ 

£ To  transact  any  other  o 
business  of  the  Company 
By-  order  of  the 
MRS  ROMANE  W 

Notes:  Se 

1- A member  entitled  to 
and  vote  at  the  meel 
enotled  to  appoint  one  o 

? r°ci  1°  “ttend  and 
instead  of  him.  A projn 
not  a|so  be  a memb^ 

£The  quorum  for  ehe  <i 
^ two  shareholders  prej 
person  or  by  proxy. 

3.  Each  of  the  r«Q[utio 
out  above  may  be  passe* 

tHe  ****  of  tfwvoi 
thereon  at  the  meeting 

Copies  of  the  1985  Repa 
Accounts  are  available  fn 

Monaco 


THE  FINANCIAL  TIME 
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on  April  22,  1986 

For  Junker  details, 
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OVERSEAS  NEWS 


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8Y  WkVJD  HOUSECO  IN  PARIS 
TlfC^NSOUSCEMENT  by  Mr 

Jacques  -Chirac,  the  preach 
Prim*  ;Min)Sier.  that  he  won  id 

pm'jJfrdujEh  enabling  leRistanon 
iv  allftw  his  liovprnmeut  m adopr 
laws  bv  decree  is  in  tine  with  a 
cla.-i5lt  procedure  of  the  Fifth 
Republic  arfd  by  governmems 
tn  a hurry  or  needing  to  adopt 
unpopular  measures. 

The  Socialists  uu>ed  ir  seven 
times  after  coming  to  power  in 
.JPSi  to  accelerate  such  measures 
, as  the  reduction  in  The  working 
•week  ifl  39  hours,  the  introduc- 
tion of  a fifth  week's  paid  hoh- 
djv.  and  their  -first  austerity 

packace  in  1982  that  brought  in 
a wages  and  prices  freeze.  Ur» 
tn  1981  it  had  been  used  13 
limes  since  the  beginning  of  the 
Fifth  Republic  in  1958 

The  big  difference  between 
Mr  Chirac's  proposed  use  of 
li  gislaiUm  by  decree  and  past 
precedents  is  that  for  the  first 
lime  a Prime  Minister  cannot  be 
<ure  that  the  President  will  sign 
the  decrees  put  before  him. 
Under  the  constitution  the  Presi- 
dent can  withhold  his  signature 
from  laws  for  up  to  la  days  at 
the  most-— but  he  is  not  com- 
pelled to  sign  decrees. 

The  deal  that  appears  to  have 
been  struck  is  that  Mr  Chirac 


bowed  to  Mr  S!i;ti*rrand'-  withes 
over  the  appointment  of  ihr  new 
foreign  and  iMmi?  nunr^UTi 

and  that,  in  return,  Mr  Mitter- 
rand v/ii!  sign  d'.-iTir-'-  «n  ;wu 
•*rcc>  wher.:  Mr  Chirac  is  si-efc- 
in.1-;  t-nabiing  legi-I.eiun. 

The  Fir-iJ  of  ilivsc  two  arc. in 
covers  the  m-w  Gore rumen! *s 
veonomic  programme  and 
prr.  atisation. 

The  second  involves  ;*  return 
to  bind*  -eat  majority  voting 
which  on  th>-  prev^n*  balance  uf 
strength  hi -tween  l-.-fj  ami  rich! 
in  l.ht*  roumry  would  uive  the 
neo-tiaulh-t  RPR  end  the 
cent 1 L’DF  .<  far  greaier 
majority  m the  National 
Assembly  than  »ii«-y  won  laet 
bunday  under  a proportional 
representation  system. 

Apart  from  a framework  dc- 
nationalisation  law.  ■ in-  pl-u- 
nomic  measures  lhat  could  be 
covered  by  decree  are  the 
abolition  of  price  romroK: 
changes  -.n  the  labour  laws  both 
to  permit  companies  to  declare 
redundancies  more  ■•j-iiy  and  to 
take  nr.  more  younger  people  bv 
casing  existing  terms  of  employ- 
ment; cmiKirasin?  of  greater 
employee  participanon  in  share 
ownership;  and  the  outlawing 
of  restrictive  trading  practice? 


as  a way  of  promoting  compel  i- 

iiOIl 

,\t  this  stage  the  nui-i  lli.ir 
can  lie  srnri  is  that  Mr  MiU'-nuiiil 

appears  in  have  agreed  lu  m-ii 
decrees  in  these  Two  areas  ami 
that  he  would  be  thimv.hl  in 
have  acted  in  burl  faith  if  he 
u-fitsed.  Rut  there  is  still  no 
proof  Thai  he  has  agreed  n>  *-i;:n 
all  that  is  pul  before  him. 

His  only  public  statement  was 
his  remark  un  Monday  night 
that  be  w-mild  not  stand  in  the 
way  of  the  right's  implementing 
its  programme.  At  the  same 
time  Mr  Chirac  said  the  state- 
ment rtf  policy  he  made  on 
Thursday  had  first  been 
submitted  to  Mr  Mitterrand  — 
implying  it  had  the  President's 
approval.  But  a grey  area  inevit- 
ably remains  which  would 
enable  President  Mitterrand  in 
at  h-ast  influence  the  wording 
of  decrees. 

Enabling  legislation  means 
that  in  the  specific  areas 
eoverc-d  by  it  the  Government 
can  within  a stated  time  adopt 
laws  by  decree.  The  laws  have 
then  to  be  approved  by  the 
Cabinet  hut  arc  not  debated  in 
Parliament.  All  decrees  passed 
by  the  Cabinet  do.  however, 
require  the  President's  signature 


Guillaume  storms  into  Brussels 


BY  IVO  DAWNAY  IN  BRUSSELS 

THE  nomination  of  Mr 
Francois  Guillaume,  the  fmi 
union  leader,  as  the  new  Mini- 
ster of  Agriculture,  lias  been 
greeted  with  open-mouthed 
astonishment  by  the  farming 
establishment  in  Brussels. 

Rumours  of  the  appointment 
JJiad  spread  24  hours  before  its 
"official  announcement.  But  few 
had  believed  that  such  a mili- 
tant champion  of  the  farm 
lobby  would  be  given  the  neces- 
sarily delicate  task  of  marrying 
French  farmers'  demands  with 
the  grisly  economic  reality  that 
now  besets  the  Common  Agri- 
cultural Policy  (CAP). 

As  leader  of  the  FNSGA 
France’s  largest  farm  union.  Mr 
Guillaume  has  long  been 
regarded  as  the  EEC's  most 
fundamentalist  voice,  an  Ayatol- 
lah among  the  Imams  of  inter- 
ventionalism  and  central  plan- 
ning. 

Only  last  week  at  a Brussels 
conference  of  farm  union 
leaders,  he  far  surpassed  his 
colleagues  with  a catalogue  of 
.radical  demands.  These  in- 
cluded firm  backing  for  a 4.7 
per  cent  rise  in  farm  prices, 


programmes  of  national  income 
aids  and  an  outright  cry  for 
holy  war  in  thf  international 
market  place  against  the  US. 

“The  EEC  ought  to  be  pre- 
pared to  support  a trade  war 
with  the  US  sn  we  can  keep  our 
marker  -.hare.'1  he  said  before 
calling  for  an  end  to  all  food 
imports,  including  the  British 
holy-of-hnlies  New  Zealand 
butter,  and  the  abandonment  of 
spending  ceilings. 

Perhaps  not  surprisingly, 
even  firm  advocates  of  the  CAP 
in  the  Brussels  Commission  are 
more  than  a little  nervous  of 
the  whirlwind  now  imposed  on 
them  by  Mr  Chirac.  Many 
believe  that  the  new  Prime 
Minister  made  his  choice  on 
the  grounds  that  Mr  Guillaume 
was  politically  less  dangerous 
on  the  inside. 

Bur  few  believe  that  the  farm 
unionist  is  likely  to  suffer  the 
poacher  turned  gamekeeper 
syndrome.  “He  hates  Brussels 
and  all  its  works,”  said  one 
longtime  observer.”  but  the 
trouble  is  he  has  no  real  scope 
for  making  it  change  course. 

“The  danger  is  that  when  he 


secs  he  can't  win.  he  will  start 
renationalising  the  policy,  even 
to  the  extent  of  ignoring  the 
rules  and  paying  grant  aid  to 
his  farmers  and  blocking  lamb 
imports  from  Britain  and  fruit 
and  vegetables  from  Spain. 

“It  could  become  a kind  of 
guerilla  war." 

The  first  round  in  this  battle 
is  likely  to  occur  on  Monday 
when  the  farm  ministers  meet 
for  their  first  serious  round  of 
talks  on  the  Commission’s 
austerity  price  proposals. 
Officials  will  then  watch  care- 
fully to  see  if  Mr  Guillaume 
chooses  to  hold  fire  by  exercis- 
ing his  undoubted  charm,  or 
whether  he  starts  right  away  on 
his  mission  to  clean  out  the 
Augean  stables. 

Either  way,  his  arrival 
promises  to  be  galling  for  the 
security  men  who  have  long 
guarded  against  his  frequent 
intrusions  to  the  Council  build- 
ing. One  said  yesterday;  “ I 
have  spent  the  last  12  years  of 
my  working  life  keeping  him 
out  of  here  and  now  l have  to 
call  him  minister.’' 


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Address. 


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Group  gives 
warning  of 
more  bombs 
in  Paris 

By  Nora  Boijftany  in  Beirut 

A CROUP  claiming  to  speak 
on  behalf  of  political 
I iri Miners  yesterday  demanded 
I hi-  ri-lvasi-  nf  three  aelivists 
iletainrd  in  Frenrh  jails  and 
riaimed  responsibility  for  a 
bomb  attack  which  killed  two 
people  In  Paris. 

Either  freed  uni  Tor  George 
Ibrahim  Abdullah,  Faroujian 
(taralirdiin  and  Anis 
Naecarbe  or  more  bombs  and 
victims  in  the  streets  of  Paris, 
it  salt!  in  a statement 
delivered  to  the  offices  of  a 
Beirut -based  foreign  news 
agency. 

The  commit  tee  for  the 
defence  nf  Arab  and  Middle 
Eastern  political  prisoners  in 
Europe  announced  that  It 
had  carried  out  a series  of 
rx plusiun  in  Paris,  the  latest 
being  the  Champs  Elysces 
blast. 

Abdullah  is  believed  to  be 
the  leader  of  tile  Lebanese 
Armed  Revulut  ionary 

Factions,  the  group  that 
claimed  responsibility  for  the 
killings  in  Paris  in  1982  of 
US  military  attache  Charles 
Ray  and  Israeli  diplomat 
Yaarnv  Barsimantov, 

The  Lebanese  Armed 
Revolutionary  Factions  has 
also  claimed  responsibility 
for  the  assassination  in  Rome 
of  the  US  director  of  the 
multinational  force  in  Sinai. 

Seven  people  were  killed 
and  55  wounded  at  Orly  air- 
port in  July  1985  In  a com- 
mando operation  led  by 
GarhidJIan  for  the  Armenian 
Secret  Army  for  the  Libera- 
tion of  Armenia.  Naccache 
was  detained  for  a murder 
attempt  against  former  prime 
minister  nf  Iran.  Mr  Shabpour 
Bakhtlar  in  1980,  also  in 
Paris. 


Portuguese 
deficit  budget 
wins  backing 

By  Diana  Smith  in  Lisbon 

PORTUGAL’S  parliament  has 
approved  the  198fi  budget 
presented  by  the  minority 
Social  Democrat  Government 
The  budget  has  an  Es  470bn 
(£L62bn)  deficit,  caused 
a:most  exclusively  by  servic- 
ing au  accumulated  ?lGbu 
(£I0.8bn)  public  debt. 

The  budget  deficit  repre- 
sents 1UL  per  cent  of  gross 
domestic  product  and  the 
debt  74  per  cent. 

The  Government  of  Mr 
Anibal  Cavaco  Silva,  an 
economist  who  wants  to  lib- 
eralise the  economy  of 
Portugal,  hopes  to  bring  the 
deficit  down  to  7 per  cent  of 
gross  domestic  product  by 
1991. 

Speaking  just  before  the 
vote,  Mr  Cavaco  Silva  said 
that  If  the  budget  were  passed 
without  radical  alterations, 
the  Government  would  he 
able  to  cut  prices  of  all  oil 
derivatives  except  petrol, 
which  Is  considered  a luxury. 

The  Government  has  so  far 
refused  to  pass  on  to  the  con- 
sumer the  windfall  from  fall- 
ing crude  oil  orlces,  saying 
that  It  needs  the  tax  earned 
on  the  prices  of  nil  derivatives 
to  cover  food  price  subsidies. 


Ariane  launch  date 

The  launch  of  a West  Euro- 
pean Ariane-3  rocket  with  two 
satellites  aboard,  aborted  in 
the  final  seconds  on  Wednes- 
day, has  been  rescheduled  for 
March  28,  Arianespace  direc- 
tor general  Charles  Bigot  said, 
Reuter  reports  from  Kourou, 
French  Guyana. 


DIAMOND  CAPITAL  LIMITED 
Registered  Office: 

80  Broad  5 treat.  Monrovia  (Liberia) 

The  ANNUAL  MEETING  of  Share- 
holders of  Diamond  Capital  Ltd  will 
do  held  at  the  offices  oi  Fenchurch 
Trust  Limited,  19  Seaton  Place.  Si 
Helior,  Jersey  (Channel  Islands)  on 
Wednesday  9th  April  1986.  at 
11  am,  with  the  following  agenda: 
—approval  of  the  accounts: 

— election  o(  Directors;  and 
— to  transact  such  other  business 
as  may  proparly  come  before 
the  meeting. 

According  to  a decision  taken  by 
the  Board  of  Directors,  the  Annual 
Meeting  will  be  followed  immedi- 
ately by  a SPECIAL  MEETING  with 
the  following  agenda; 

Approval  of  amendments  to  the 
Articles  of  Incorporation 
§U1  will  reed  as  follows: 

" The  aggregate  number  of 
shares  ol  stock  that  the  Cor- 
poration is  authorized  to  issue 
is  Forty  Thousand  (40.0UU) 
bearer  chores  of  class  A with 
a par  value  ol  Onn  Thousand 
Dollars  (S1.000)  por  share. 
Each  bearer  share  of  Class  A 
gives  a right  to  one  vole  and 
a right  to  dividends  and  distri- 
bution of  assets  upon  liquida- 
tion. 

Authority  is  expressly  vested  in 
the  Board  of  Directors  to  issue 
shares  ol  Class  A in  one  or 
more  tranches,  at  conditions 
that  the  Board  will  fix. 
Authority  is  expressly  vested  in 
tho  Board  of  Directors  to  pur- 
chase or  redeem  the  shares  of 
Class  A,  in  whole  or  in  part, 
at  any  price  or  prices,  within 
any  period  and  under  any  con- 
dition, as  the  Directors  may 
fix. 

Any  shares  reacquired  by  the 
Corporation  may  be  either 
roiained  as  treasury  shares  or 
cancelled  by  the  Board  at  the 
nmc  of  raacquisition  or  at  any 
nmo  thoraaftar.  Treasury  shares 
are  not  shares  entitled  to  vote 
or  to  be  counted  in  determin- 
ing the  total  number  of  out- 
standing shares,  until  they  are 
disposed  of  for  such  considera- 
tion ss  tho  Directors  may  fix,"’ 
Tho  holders  of  shares  who  desire  to 
attend  or  voto  at  the  Mealing s shall 
deposit  their  eenlUcatee  for  chares 
with  appropriate  Instruction  a,  not 
later  than  2nd  April  1986.  with  BBL, 
24  avenue  Marnu.  Brussels. 


Paul  Betts  reports  on  the  terror  challenge  to  France’s  new  Government 

Harsh  welcome  for  Chirac 


i SIR  JACQUES  CHIRAC,  the  new 
J French  Prime  Minister,  was 
. plunged  yesterday  into  security 
crisis  even  before  meeting  his 
ministers  at  their  first  Cabinet 
meeting  today.  By  bombing  a 
>hoppmM  arcade  on  the  Champs 
: Elyaecs  and  killing  two  people 
and  iiijur.-n^  2Sj  others,  klamic 
\ fundamental m*,  have  served 
notice  that  they  intend  to  pur- 
sue and  intensify  their  terrorist 
campaign  in  France. 

The  atmosphere  was  one  of 
sadness  and  anger  outside  the 
‘Point-Show"  arcade  yesterday. 
Pusversby  stopped  to  look  at 
repair  worker*  cleaning  up  the 
debris  around  the  site  of  the 
bombing  and  aniged  amon? 
themselves  about  the  latest 
terrorist  attack*  in  the  capital. 

“If  the  new  Government  fails 
to  do  something  about  the  cur- 
rent terrorist  situation,  it  will 
soon  be  out  or  office.”  said  one 
Parisian  standing  beside  the 
barriers  set  up  by  the 
gendarmes  opposite  the  arcade 
and  a cinema  showing  ■’Revolu- 
tion” with  Al  Pacino. 

"This  Government  will  do  no 
better  than  the  previous 
Socialist  lot.  Le  Pen  on  the 
other  hand  would  put  an  end 
to  all  this  by  ordering  checks  on 
all  foreigners  and  Arabs  and. 
if  their  papers  were  not  in 
order,  kicking  them  out  of  the 
country,  "was  the  inevitable 
answer  of  one  of  the  growing 
number  or  voters  who  gave  Mr 
Jean  Le  Pen  and  his  extreme 
right  National  Front  a great 
fillip  m France’s  legislative 
elections  last  Sunday. 

The  movement  seeking  the 
liberation  of  Arab  terrorists 
held  in  France — the  Comite  de 
Solidarite  aux  Pruonniers  Poli- 
tiques  Arabes  et  du  Proche- 
Orient — claimed  responsibility 
in  a communique  in  Beirut  yes- 
terday for  the  Champs-Elysees 
bomb  which  went  off  precisely 
at  the  same  time  as  Mr  Chirac 
was  named  Prime  Minister  by 
President  Mitterrand. 

Even  before  the  Champs- 
Elysees  bomb  on  Thursday 
evening,  Mr  Chirac  had 


Chirac  (left)  with  his  new  Justice  Minister  Alb  in  Chalandon 


appointed  Mr  Charles  Posqua, 
a man  known  for  his  tough  atti- 
tudes on  law  and  order,  as 
Interior  Minister.  His  hard-line 
right-wing  views— pure  et  dure 
as  they  say  in  France — had 
made  him  into  one  of  the  more 
controversial  choices  of  the  new 
Cabinet.  But  under  the  circum- 
stances. the  new  Interior  Minis- 
ter, of  Corsican  origin,  will  now 
be  forced  to  live  up  to  bis 
reputation,  as  will  his  equally 
tough  deputy,  Mr  Robert  Pan- 
draud,  a former  head  of  police 
and  internal  security  appointed 
as  junior  minister  for  security. 

Mr  Chirac  yesterday  con- 
demned tbe  “horrific,  inhuman 
and  bestial”  bomb  attack  and 
pledged  that  the  Government 
woud  reinforce  measures  to 
combat  terrorism.  He  called  for 
greater  co-operation  between 
western  countries  and  suggested 
giving  French  police  more 
facilities  to  tackle  this  crucial 
issue. 

Mr  Chrac  in  the  past  has 
favoured  bringing  in  similar 


measures  to  those  the  Italian 
authorities  have  introduced  in 
recent  years  ro  fight  terrorism. 
These  include  greater  police 
powers  for  searching  and  hold- 
ing suspects. 

The  new  Prime  Minister  is 
now  bound  to  come  under  pres- 
sure from  voters  on  his  far 
right  and  the  National  From. 
With  35  seats  in  the  new 
Assembly  and  nearly  10  per 
cent  of  the  national  vote,  the 
National  Front  of  Mr  Le  Pen 
is  likely  to  try  to  capitalise  as 
much  as  possible  from  the  latest 
wave  of  terrorism  in  France. 

Indeed,  the  National  Front  i9 
seen  to  be  a real  beneficiary  in 
last  Sunday’se  election  of  the 
French  hostage  drama  in  the 
Lebanon.  Campaigning  on  racial 
issues  and  for  strong  law  and 
order,  the  combination  of  the 
Lebanon  hostage  crisis  and  the 
worries  about  immigrant  and 
Arab  labour  in  France  have 
played  into  the  hands  of  the 
National  Front  leader. 

Mr  Le  Pen's  party  couid 


now  play  a pivotal  role  in  the 
National  Assembly  where  Mr 
Chirac's  coalition  of  parlia- 
mentary right-wing  forces  has 
only  a slim  majority  of  three 
seats. 

The  latest  events  have  imme- 
diately highlighted  for  the  new 
Government  France's  complex 
relations  in  the  Middle  East. 
The  Islamic  fundamentalists 
are  clearly  seeking  not  only  to 
free  the  Arab  terrorists 
currently  in  prison  in  France, 
but  to  influence  Paris's  policies 
in  the  Middle  East,  especially 
in  its  role  as  a key  arms 
supplier  to  Iraq. 

The  timing  of  the  terrorist 
bomb  could  not  have  come  at 
a worse  time  for  Mr  Chirac. 
Anxious  to  try  to  make  his 
experiment  ;n  “ cohabitation " 
with  President  Mitterrand  work 
and  to  boost  his  own  presiden- 
tial chances  in  19SS.  Mr  Chirac 
appeared  above  ail  keen  to 
move  swiftly  on  the  economic 
aspects  of  his  programme.  But 
he  has  now  been  forced  to  lum 
his  immediate  attention  to  the 
security  issue  which  has  now 
inevitably  become  one  of  the 
main  popular  concerns  in 
France. 

Indeed,  the  bombing  over- 
shadowed the  announcement  of 
Mr  Chirac’s  new  Cabinet  on 
Thursday  evening.  The  new 
Prime  Minister  shortly  after- 
wards went  to  the  scene  of  the 
tragedy.  To  compound  matters, 
it  was  soon  learnt  that  another 
tragedy  had  nearly  occurred  in 
the  Paris  Metro  system. 

A passenger  saw  what  he  felt 
was  a suspect  bag  under  a seat 
in  Lhe  subway.  He  threw  it  out 
of  the  window  and  avoided  an- 
other bloodbath  near  the  Paris 
town  hall,  where  Mr  Chirac  has 
his  headquarters  as  mayor  of 
the  capital. 

Just  as  Mr  Chirac  had  made 
a point  of  not  making  political 
capital  out  of  the  terrorist 
bombs,  the  Socialists  yesterday 
reacted  with  sympathy  and  res- 
traint to  the  terrorist  ordeal 
now  facing  the  new  Govern- 
ment 


UNIT 

TRUSTS 


With  over  eight  hundred  unit  trusts  available  and  more  being  launched  each  month,  how  do  you 
know  which  to  choose?  bi  reality  there  are  only  three  basic  types  of  unit  trust,  and  M&G  has  an  out- 
standingly successful  example  of  each:  Recovery  Fund  for  capital  growth.  Dividend  Fund  for 
income,  and  SECOND  General  for  a balance 


between  income  and  growth. 

You  should  remember  that  new  funds  or 
funds  which  suffer  a change  of  management 
are  likely  to  be  more  of  a gamble  than  those 
which  can  point  to  a long  and  successful  record. 
M&G's  investment  team  has  remained  largely 
unchanged  for  many  years,  and  our  long-term 
performance  record  reflects  this.  Past  perform- 
ance cannot  be  a guarantee  for  the  future,  but  it 
is  usually  the  best  measure  you  have  of  a funefs 
likelihood  of  achieving  its  objective. 

We  are  offering  an  extra  1%  unit  allocation  if 
you  invest  £1,000  or  more  and  2%  if  you  invest 
£10,000  or  more  per  Fund. 

The  price  of  units  and  the  ncome  from  them 
may  go  down  as  well  as  up.  This  means  that  unit 
trusts  are  a long-term  investment  and  not  suit- 
able for  money  you  may  need  at  short  notice. 


Income 


DIVIDEND  FUND 


If  you  need  income  which  will  growovertheyearsM&G  Dividend  Fund 
could  be  your  ideal  investment  The  Fund  invests  in  a wide  range  of 
ordinary  shares  and  aims  to  provide  above  average  and  increasing 
income  andayieirfabotf  50%  hjgherthantheCT.Acfa^^ 


COMBWATWE  PERFORMAMCETABLE.£iaOOO  invested  in  Income  units  atthe 
launch  of  M&G  Dividend  Fund  on  6th  Ma*  1964,  compared  with  a similar 
investment  a Buftfrrg  Society 


'fear  ended 

31  DECEMBER 

wcanE 

CAPITAL  ! 

MAC 

DIVIDEND 

BIBLDWG 

SOCIETY 

M&G 

DIVIDEND 

BUILDING 

SOCIETY 

6 May ’64 
3365 

£396 

£536 

£10,000 

34200 

£10,000 

10,000 

1370 

463 

650’ 

10,760 

10,000 

1975 

828 

871 

16300 

10,000 

1980 

1,660 

3*200 

24,280 

10,000 

1985 

2£78 

908* 

65460 

10,000 

NOTES  AH  income  figures  shewn  are  net  of  basic-rate  tax. 

Sere^miichyBar  ISau^^iitoigSaielKS  Asscic^borof86  13(68 

M&G  Dividend  capital  figures  are  agreafeatiai\ahies.*&tiirate(f. 


RECOVERY  FUND 


M&G  Recovery  Fund  is  probably  the  most  successful  unit  trust  ever 
launched  aid  tiietable  below  shows  just  how  well  it  has  achieved  its  aim 
of  capital  growth.  The  Fund  buys  the  shares  of  companies  which  have 
fallen  on  hard  times.  Losses  must  be  expected  when  a company  fails  to 
recover  but  the  effect  of  a turnround  can  be  dramatic, 


M&G  SECOND  General  Trust  Fund  aims  for  consistent  growth  of  both 
capital  and  income  and  has  a 29-year  performance  record  which  is 
second  to  none.  It  has  a vride  spread  of  shares  mainly  in  British 
companies. 


COMPARATIVE  PERFORMANCE  TAB  LE.Value  ot  £10,000 invested  atthe  launch 
ol  K&G  Recovery  Fund  on  23rd  M .3*1969.  with  net  income  reinvest eti. 

Year  ended 

31  DECEMBER 

M&G 

RECOVERY 

FT.  ORDINARY 
INDEX 

RETAIL 
PRICE  INDEX 

BUILDING 

SOCIETY 

23  May '69 
1970 
1975 
1980 
1985 

£10,000 

11,760 

26,400 

102£60 

270300 

£10,000 

8,570 

11,121 

17,287 

49/4-74 

£10,000 

11,020 

23*283 

404-75 

55248 

£10,000 

11,058 

16,178 

25321 

40.168 

COMPARATIVE  PERFORMANCE  TAB  LE.  Value  of  £10,000  invested  st  the 
launch  ot  M&G  SECOND  General  on  5th  June,  3556,  with  net  income  reinvested. 

PI 

■KaMSH 

Ki#i 

5 June  "56 
1360 
1365 
1370 
1975 
1980 
1985 

£10,000 

19,520 

31^20 

46/480 

79340 

±95^400 

546,000 

£10,000 

20,080 

26,230 

30340 

39,620 

61300 

176240 

£10,000 

12,483 

16,093 

21336 

31351 

49331 

78388 

NOTES  AH  figures  include  requested  income  net  erf  basic-rate  tax. 

The  Buildins  Society  figures  are  based  on  an  extra-interest  account  qFferinglWJ 
above  the  average  yearly  rate  (source:  Building  Societies  Association]. 

M&G  SECOND  General  figures  are  all  reafcat  km  values. 

FUKftER  INFORMAIION  On  19ih  March  1986  offered 

prices  and  estimated  gross  current  yieSds  wens 

Income  Accumulation  Yield 
Recovery  Fund  352-3p  451.«p  2-96X 

MvidenaFund  416-5p  1203 -3p  476% 

SECOND  General  704-6p  1374-7p  3-50% 

Prices  and  yields  appear  daily  in  the  Financial  Times.  The 
deference  between  me  'oflererf  price  (at  which  you  buy  units) 
andftelwrpiicfilatwhidiyousdDis  normally  6%  An  inma 
charge  of  5%  is  included  in  the  offered  price  and  an  annual 
charge  of  up  to  1%  trf  each  Fimrfs  value  - currently  plus 

Wis  deducted  from  grass  income,  income  for  Accumulation 
units  is  reinvested  to  increasethar  value  and for  Income  urets  it 
is  dtsfnbteed  net  of  basic-rate  tax  on  the  foNowng  dates: 

Recovery  Dividend  SECOND' 


I 


SPE 


All  applications  received  ty  51h  April, 1986  wffi  be  given  an  extra  1%  allocation  of  units. 

This  will  increase  to  2%  for  appfcatkms  of  £10,000 or  more  per  Fund. 

To:  M&G  SECURITIES  LIMITED,  THREE  QUAYS, TOWER  HILL  LONDON  EC3R  GBQ 

Please  Invest  the  sum(s)  indicated  bdow  in  the  Fund[s)  of  my  choice  (minim um  investment 

bi  each  Fund:£L000]  in  AftUlfflJLOTlON/INCOME  units  (delete as  applicable  or 
Accumulation  urits  will  be  issued  for  Recovery  and  SECOND  and  Income  units  win  be  issued  for 
Dividend)  atthe  price  rufing  on  recaptoft)Bsappiication.Dd  NOT send  any  MOfCY. 

A con  tract  note  wffl  be  sent  to  you  stating 
exactly  how  much  you  owe  and  the  settlement 
datfc Your  certificate  wfflfoitow  shortly; 


qjb  HALFOREHAIEjS] 
“*  [Nr/Urt/Sap^ 


Distributions 


20  Feb 
20  Aug 


15  Jan  15  Feb 
15  July’  15  Aug 


Next  distribution  20  Aux  15  Jrdy  15  Aug 
far  new  Investors  1986  1986  1966 

Ybu  can  buy  or  sell  units  on  any  business  day.  Contracts  far 

jwrchase  or  sate will  be  dueforstflenief^wtotfinwwdcs 

available  on  request  ThellSee  for  ftwdeni^SRecovery  is 

Bardays  Bank  TrurtCaUmited  andfor  SECOND  is  UoydsEank 
Pic.  The  Finds  are  all  wider  ■ranee  investments  and  are 
authorised  by  tire  Secretary  d State  forTrade  and  Industry 

M&G  Securitiw  Limited,  ^ Three  Quays,  Tower  Hffl, 

London  EC3R  GBQ.  Teh 01-626 4588. 
MemberofthfiUnitTriiStAssocstm 


RECOVERY 

imaooo) 

DIVIDEND 

(aw.  anew 

W8 

04 II  AOMESS 


POST 

CODE 


I 


SIGNATURE. 
DAE 


TU  531216 


HfpawBoEHwdBa.907X.Ba  OSaMito*  iMrtw*  «a  H«Bepuatei«Vttgd. 


THE  M&G  GROUP 


.■'I 


Financial  Times  Saturday  March  22'  1986 


UK  NEWS 


Walter  Ellis  looks  at  the  race  between  the  top  bookmakers  to  attract  punters  and  upgrade  their  image  [ Courtaulds  to  shed 


Betting  shops  gamble  on  TV  coverage  of  racing 


THE  LINCOLN  Handicap  at 
Doncaster  today  is  the  first  big 
horse  race  of  the  1986  “Flat" 
and  is  set  to  launch  the  season 
in  fine  style.  An  outbreak  of 
good  weather  would  help,  but 
almost  anything,  the  industry 
feels,  would  he  better  than  the 
Siberian -style  cold  that  caused 
the  cancellation  of  the  entire 
racing  programme  in  mainland 
Britain  last  month. 

Big  crowds  are  expected. 
Many  punters  savour  the  sights 
and  sounds  of  a racecourse  al- 
most as  much  as  they  enjoy 
risking  their  cash,  and.  for 
many,  the  start  of  the  Flat  has 
become  an  inalienable  rite  of 
spring. 

What  of  next  month,  though, 
when  the  fever  has  lessened? 
This  season,  racecourse  adminis- 
trators will  be  watching  anxi- 
ously to  see  how  crowds  hold 
up  overall,  especially  at  the 
bread  and  butter  meetings  in 
places  such  as  Nottingham. 
Utoxeter  and  Carlisle. 

From  this  month,  the  first 
time  since  off-course  betting  be- 
came legal  in  1963.  television 
coverage  of  racing  will  be 
beamed  direct  into  bookmakers’ 
premises  all  over  the  country. 
The  effects  on  attendances 
could  be  profound. 

Ladbroke.  the  biggest  name 
In  British  gambling,  does  well 
out  of  its  betting  shops.  Yet. 
hotels  and  property  are  of  al- 
most equal  importance  in  the 


group,  while  do-it-yourself  in 
the  form  of  the  Home  Charm 
stores,  was  this  month  added 
to  its  core  activities  at  a cost 
of  £200m. 

Whether  or  not  betting  re- 
mains as  Ladbroke ’s  central 
pillar  depends  on  the  develop- 
ment of  the  horse  racing  indus- 
try over  the  next  few  years. 
Amendments  to  the  Betting. 
Gaming  and  Lotteries  Act, 
which  allow  food  and  soft  drinks 
to  be  served  in  betting  shops 
as  well  as  the  screening  of 
races,  are  likely  to  take  book- 
making deeper  into  the  heart 
of  the  leisure  industry. 

Mr  Malcolm  Palmer,  market- 
ing director  of  Coral,  the  racing 
division  of  Bass,  believes  the 
changes  in  the  law  are  a step 
in  the  right  direction.  They  still 
rule  out  “aggressive  market- 
ing," he  says,  which  would  en- 
courage people  to  regard  a trip 
to  the  betting  shop  in  the  same 
class  as  a cinema  visit.  But  at 
least  the  shops  no  longer  have 
to  be  “ seedy." 

Coral  is  proceeding  with 
caution  along  the  high  street. 
It  sees  television  in  the  shops 
as  the  essential  reform  and  is 
likely  to  go  ahead  with  large- 
scale  refurbishment  and  cater- 
ing only  when  it  establishes 
there  is  a demand  for  it 

There  is  no  such  holding  back 
at  Ladbroke.  A total  of  £14m  is 
to  be  spent  on  its  1.500  shops 
over  the  next  three  years  Nor 
is  there  caution  at  William 


*,  • - • ^ ^ 
v*  • < • - • 


Hugh  Raulledga 

New-look  betting  shop  decor  ait  Ladbroke’s  High  Street,  Kensington,  London  branch 


Hill,  number  two  in  the  field, 
which  is  trying  to  cat-„h  up 
with  its  larger  rival  in  the  race 
for  improved  facilities.  Mecca, 
■the  smallest  of  the  Big  Four, 
with  640  shops  mostly  in 
London  and  Glasgow,  points  out 
that  it  has  had  “ supershops  " 
since  1982  and  operates  250 
with  added  comforts  and  12- 
sareen  video  and  TV. 

Clearly,  it  is  the  televising  of 
races — and  other  big  sporting 
events — which  is  seen  as  the 


main  revolutionary  act  Every- 
thing else  is  gloss.  Yet  the 
problem  with  televised  racing  is 
ithat  it  is  dependent  on  the 
BBC  and  Channel  Four.  When 
the  network  cameras  are  not 
there,  the  bookies*  screens  go 
blank. 

To  counteract  this,  the  Big 
Four  have  established  a new 
company.  Satellite  Racing 
Service.  It  will  provide  closed- 
circuit  coverage  of  workaday 
meetings  and,  in  an  attempt  to 


give  the  punters  an  image  on 
which  to  focus  their  ambitions, 
will  attend  principal  greyhound 
races.  It  is  hoped  that  the  ser- 
vice will  start  in  the  next  six 
months,  and  other  bookmakers 
— and  even  racecourse  owners 
■ — are  being  encouraged  to  add 
to  SRS’s  capital  base. 

Betting  itself  has  not  ex- 
panded much  in  recent  years, 
and  this  is  why  betting  shops 
are  oat  to  improve  their  image. 
While  a market  share  war  may 


be  likely  some  hope  for  the 
industry’s  growth  may  lie  else- 
where. In  1984.  Ladbroke  paid 
£2Sm  for  a chain  of  529  betting 
shops  in  Belgium,  adding  to  the 
300  it  already  owned  there  and 
giving  it  some  50  per  cent  of 
the  total  Belgian  market. 

This  month.  William  Hill, 
part  of  Sears  Holdings,  an- 
nounced that  it  too  had  taken 
the  ferry  to  Ostend.  It  has  paid 
an  estimated  £20ra  for  345  shops 
formerly  owned  by  Tierce 
Franco  - Beige  and  Generale 
Hippique. 

At  home,  the  Big  Four  are 
optimistic  about  the  coming  Flat 
season.  Some  sensations  are 
inevitable.  One  distinctly  unpro- 
fligate gambler  has  already  won 
£82.000  this  year  on  a 5p  bet 
with  Coral.  Last  year,  the  aptly- 
named  Last  Suspect  ramped 
home  at  50-1  against  a highly 
fancied  top  five  in  the  Grand 
National. 

It  is  the  hookies  who  make 
the  profits  at  the  end  of  the 
day.  Whether  those  profits 
remain  good  enough  to  sustain 
betting  shops  as  significant 
money-earners  for  ambitious 
companies  depends  on  their 
ability  to  integrate  into  the  high 
street  and  make  the  most  of 
television. 

Equally,  an  excess  of  success 
could  devastate  attendances  at 
meetings.  The  golden  egg  is 
nice;  the  goose  that  lays  it  is  an 
investment  in  the  future. 


Off  Humberside,  in  the  inhospi- 
table waters  of  the  North  Sea,  a remark- 
able piece  of  engineering  is  in  hand. 

This  is  at  the  Rough  Held  where, 
for  the  first  time  anywhere  in  the  world, 
an  offshore  gas  field  is  being  used 

to  store  gas,  in  a reservoir  which 

® S637nteu.fi. 

jw  ^ jw  Mt  3* 

IStb  19th  20th  2 1st  22nd  23rd  24ih 

TOTAL  D.mSESD-OllTOFGtiEAWER  THIS  IL4/L 


has  been  partially  depleted. 

Over  the  years,  the 
Rough  Held  has  yielded 
billions  of  cubic  feet  of  gas,| 
but  the  reservoir  horn  which 
it  came  is  still  in  good  order 

Every  yea?  huge  quan-L 
tides  of  gas  will  he  stored  here 
under  the  sea,  through  a . 
process  which  re-injects  gas 
into  the  reservoir 


-fact,  gas  is  likely  to  be  taken 
QUt  at  Jjjgk  rates  for  an 
jnprj  average  of  40  days  every 

suwij  nhsox?  winter 

column  Since  British  Gas 

vtL-  approved  the  concept, 34,000 

tons-  of  fabricated  steel  and 
Am  1L  equipment  has  been  installed 
offshore,  rising  to  more  than 
hwer£  7HEMS  a wbll  200  feet  above  sea  leveL 

All  told,  development  of 


British  Gas^ 

ENERGY  IS  OUR  BUSINESS 


The  Rough  Held  will  store  ibis  Rough  Storage  will  cost  over  £700 
gas  in  the  summer  to  ensure  a plentiful  million- 

supply  in  the  event  of  a bleak  winter.  Its  a worthwhile  investment^  not 

(In  winter  demand  for  gas  can  be  up  to  just  in  the  short  and  medium  term,  but 
5 times  higher,  than  In  summer;)  In  in  the  long  term  as  welL 


Jy»!j  v*yp 


at  least  260  jobs 
on  Merseyside 


BY  FIONA  THOMPSON 

COURTAULDS.  the  textiles 

group.  yesterday  announced  2oO 
redundancies  at  its  St  Helens 
children '5  wear  factory  on 
Merseyside  and  placed  a ques- 
tion mark  over  the  future  of 
its  Seaforth  sports  and  child- 
ren’s wear  factory  near  Liver- 
pool which  employs  220. 

The  jobs  in  St  Helens  will  go 
by  the  end  of  June,  leaving  a 
workforce  of  3S2.  The  redun- 
dancies  were  blamed  on  falling1 
orders.  _ „ 

Despite  strenuous  efforts,  it. 
has  proved  impossible  in'  a 
fiercely  competitive  market 
secure  sufficient  business  to 
maintain  operations  at  St 
Helens  at  the  present  level, 
the  company  said  yesterday. 

The  local  management  has 
also  called  for  a meeting  on 
Tuesday  with  officials  of  the 
National  Union  of  Tailors  and 
Garment  Workers  to  discuss 
improvements  in  working  prac- 
tices which  it  says  “are  essen- 
tial to  secure  the  survival"  ol 
the  St  Helens  operation. 

In  a separate  development  at 
its  Seaforth  factory,  Courtaulds 
management  said  yesterday 
they  would  be  meeting  union 
officials  on  Tuesday  to  discuss 
closure  proposals. 

The  factory  employs  220 
people,  over  90  per  cent  of 
them  women.  “ There  is  insuffi- 
cient work  to  sustain  the  unit,” 
Mr  James  McDonald,  senior 
executive  in  Courtauld’s  child- 
ren's wear  group  said.  Con- 
tracts from  existing  customers 
will  provide  work  for  the  com- 
plete workforce  only  for  the 
next  four  to  five  weeks. 

Foreign  bank 
entries  for  firs 

BY  MICHAEL  DIXON 
THE  END  of  25  years  of 
growth  in  foreign  bank  repre- 
sentation In  the  City  of 
London  liras  reported  yester- 
day by.  the  Noe!  Alexander 
management  consultancy. 

Entries  of  foreign  banks  to 
the  City  in  1935  were  out- 
numbered by  exits  for  the.  first 
time  since  the  consultancy's 
records  started  in  I960-  Total 
renresentation  fell  from  the 
1984  peak  of  459  In  454. 

Mr  Noel  do  Berrv.  the 
POESuitancv’s  menacing  direc- 
tor. «wld:  “ While  the  steads 
.growth  is  over.  I don’t  think 
!♦  indurate*  a senerrJ  tom  In 
th®  Hde.  Tt’s  more  ? change 
emphasis  in  international 
hanking  from  commercial 
lerd!"*i  to  investment  and 
securities  activity. 

“ The  overseas  oneratinns 


“Knowing  what  we  do  about 
the  order  books,  there  wiH  be 
a need  to  close  the  factory” 
said  Mr  McDonald,  but  hfer 
stressed  that  ihe  company 
willing  to  listen  to  sensibg 
union,  suggestion  that  nugl* 
result  in  continued  employment  , 

on  the  site.  .. 

“We  are  not  presenting  a 
fait  accompli."  he  said. 

Mr  Tom  Evans,  North  West. 

• divisional  officer  of  the  Nation'- 
Union  of  Tailors  and  Canned 
Workers,  said  he 
Courtauld  statement  on  the  Se^ 
forth  unit  as  “ a declaration  of 
intent  to  close  the  factory.  Tve 
just  been  given  90  days  notice 
of  a closure,"  he  said- 

Mr  Evans  blamed  yesterday's 
moves  on  the  impact  on  the  , 
industry  of  low-cort  unporu. 
“We  need  a strong  Mulu-Fibre 
Agreement."  he  said.  Every  ( 
garment  imported  means  one  i 
less  being  made  in  Great  Britain 
and  more  jobs  Iosl 

Mr  Alec  Smith,  general 
secretary  of  the  union,  speak- 
ing in  Brussels  yesterday  at  a 
trade  union  demonstration 
against  clothing  imports.  sa>.._  f 
“ The  job  losses  in  Merseyside-.  | 
are  the  direct  result  of  the 
inactivity  of  the  Government 
and  the  European  Commission, 
on  imports.  If  they  dotft 
change  their  stance  these  ( 
losses  will  be  just  the  prelude  , 
to  perhaps  as  many  as  40,000. , 
others  in  the  UK  clothing 
industry  in  the  next  couple  of  , 

^Courtaulds  have  shed  50.000  | 
jobs  in  the  UK  alone  since  ' 
1979. 


exits  exceed 
t time 


that  are  pulling  out  are  mostly 
commercial  and  retail  banks. 
The  investment  and  securities 
banks  are  still  growing  like 
crazy  In  London,  taking  on 
more  people  and  hunting  for 
extra  office  space. 

In  1960,  only  73  foreign 
banks  were  represented. 

Eight  were  American,  eight 
Japanese,  one  was  from  the  . 
Middle  East.  27  from  the  : 
Continent  and  29  came  from-: 
other  countries. 

The  total  of  459  in  1984  ; 
consisted  of  75  American,  *5 
Japanese.  35  Arab,  168  Cor^ 
nental  and  146  other  national 
ties. 

Entries  last  year  included 
two  American  hanks,  three 
Japanese.  one  European,  one 
Aab  ami  two  banks  from  other 
chantries. 


5 pilot 
plant 


BY  MAURICE  SAMUELSON 

MR  L\N  MacGregor,  chairman 
of  the  National  Coal  Board, 
yesterday  underlined  his  belief 
in  the  temporary  nature  of  the 
drop  in  world  oil  prices  by 
inaugurating  work  on  a £35m 
pilot  plant  at  Point  of  Ayr 
colliery,  north  Wales,  for  mak- 
ing petrol  from  coal. 

Asserting  that  the  world 
was  running  out  of  oil,  he 
forceast  that  from  around  the 
year  2000,  more  than  10m 
tonnes  of  coal  a year  would 
be  utilised  in  the  UK  for  trans- 
port fuel  production. 

Me  said:  "Unless  someone 
invents  a new  wonder  engine 
that  doesn't  need  petrol  or 
diesel,  we  will  either  have  to 
give  up  the  motor  car  or  find 
another  way  to  make  cheap 
petrol." 


Mr  MacGregor  acknowledged 
the  serious  difficulties  which 
today's  falling  oil  prices  posed, 
to  the  coal  industry. 
answer  has  to  be  to  produce 
coal  at  prices  our  customers 
are  prepared  to  pay  and  to 
guarantee  consistency  of 
quality  with  security  of 
supply,”  he  said. 

The  NCB  claims  that  its 
liquefaction  process,  developed 
at  its  Coal  Research  Establish- 
ment near  Cheltenham,  is 
nearly  twice  as  efficient  as 
some  other  petrol-from-coal 
processes.  The  pilot  plant  at 
Point  of  Ayr  will  process  2.5 
tonnes  of  coal  a day  into  a 
range  of  transport  fuels 
including  petrol,  diesel  and  jet 
fuels  for  aircraft 


Goya  sale  case  go-ahead 


A BID  to  prevent  the  Spanish 
Government  bringing  an  action 
aimed  at  blocking  the  sale  of 
an  £8m  Goya  painting  next 
month  failed  in  the  high  court. 

Sir  Nicolas  Browne-Wilkinson. 
the  Vice-Chancellor,  ruled  that 
the  Spanish  Government,  which 
claims  the  painting  left  Spain 
with  invalid  export  documents, 
had  an  arguable  case. 

He  dismissed  a joint  applica- 
tion by  Christie’s,  the  auc- 


tioneer, and  the  painting's 
owners.  Overseas  An  Invest- 
ment. Lord  Wimborne’s  familv 
trust,  to  have  the  Spanish 
Government's  proceedings 
struck  out  as  showing  no  cause 
of  action. 

Christie’s  said  it  was  not  in  u 
position  to  make  a statement  on 
any  possible  sale  of  La  Marquesa 
de  Santa  Cruz.  It  needed  time 
to  consider  carefully  the  judg- 
ment and  consult  its  clients  and 
legal  advisers. 


'Old  Soldiers 
Never  Die../ 


but  as  they 
fadeaway' 
they  so  often 
need  our  help 


JJWi 


xuxxo  Odtui iMy  uiarui 


,*av 


7 REASONS 


PENSION  SCHEME  NOW 


1 . ? • H - -v  ” 


more  hard-headed  you  are,  the  more  you’ll  like  ’em.) 


1.SERPS  is  unfair 
andpoorvalue 
formoney 

Once,  the  Stare  Earnings  Related 
Pension  Scheme  (better  known  as  ‘SERFS’) 
was  a gleam  in  Barbara  Castles  eye  ( remember  her?). 

It  was  set  up with  tiieadmirableobjivtiv cofprovidingadeeent 
• pension  for  even.-  employee  w ho  wasu  t properly  ioo  ked  after  by  a 
private  company  scheme. 

In  today’s  cold  light  ofdav  however.  SERFS  looks  distinctly  like 
: bad  news  for  everyone. 

Eor  not  onl y are  the  pensions  it  prom  ises  to  its  members 
ji  actually  very  poor  value  for  money. 

■ But  the  eventual  cost  of  providing'  those  pensions  on  a ‘pay  as 

\ you  go'  basis  t the  way  Governments  pay  for  everything)  could  end 
[ up  making  die  Trident  programme  look  like  petty  cash. 

r_  ; 

i'~  v 


2.The  Government 
is  planning 
to  make  it  worse. 


Well?  What  would  you  do? 

To  its  credit,  the  Government  has 

decided  to  face  the  reality  of  SERPS,  rather  than  bequeathing  its  un- 
; resolved  problems  to  its  success!  >rs  in  the  2 1 st  Century, 
i It  is  now  introducing  legislation  to  reduce  die  burden  of  SERPS 

\ onfuture  generations. 

j:  Which,  of  course,  means  further  reducing  the  value  of  future 

I pensions  many  existing  members  can  expect  from  SERPS. 

L,  ..  .....  ... 


Jr 


u.zk 


3.  But  it  is  prepared 
to  give  a subsidy  of 
61 4%  of  your  wage 

bill  if  you  setup 

your  own  company  scheme. 


UK 


T-  Many  companies  don’t  realise  diatifthey  contract-out  of  SERPS 
they  qualify  for  a substantial  saving  on  dicir  National  Insurance 
[ Contributions. 

r It  amounts  to  a subsidy  worth  approximately  614%  of  payroll 

costs.  Asubsidy  so  substantial  in  fact,  thatitwillcoyermostofdiecost 
of  runniiig  an  excellent  private  pension  scheme  for  the  company. 

••  . ....... ...  ..  ...  ^ , . ._ 

4.  It  intends  to  offer 
another 
2%  subsidy  soon. 

And  the  Government's  generosity 
doesn’t  end  there. 

So  keen  are  drey  to  encourage  firms  to  take  over  the  role  of 
providing  employees  with  pensions,  that  the  newSodal  Security  Bill 
provides  for  the  subsidy  on  contracfod  out  schemes  to  beboosted  by 
a further  2%  of  payroll  costs  as  from  early  1988. 


FAIRDEALS  FORRETIREMENT 


S.Your  workforce 
will  enjoy 
substantial  benefits. 
Andsowillyou. 

The  management  of  any  responsible  company- will  take  pride 
in  ensuring  that  irs  workforce  is  going  to  enjoy  lull  financial  security 
in  retirement.  But  there  are  also  more  direct  business  reasons  for 
starting  your  own  company  pension  scheme. 

Employees  who  are  financially  seat  re  are  likely  to  prove  both 
more  productive  and  more  loyal.  And  you'll  also  find  that  a good 
pension  scheme  can  he  an  important  factor  in  persuading  more 
good  people  to  come  and  work  for  you; 

6.Everyday 
you  waste  means 
more  money 
downthedrain. 


Even  before  the  present  Government  began  its  review  of 
pensions  legislation,  many  companies  had  already  elected  to 
contract  out  ofSERPS  in  order  to  provide  better  pension  benefits  for 
their  employees  at  little  cost  to  themselves. 

Now- the  Government  has  made  clear  its  intention  torunSERPS 
down,  it  makes  even  more  sense  to  contract  out. 

Throwing  good  money  after  bad  isn’t  a good  idea,,  and  since 
all  contracted  out  schemes  started  now  will  automatically  qualify  for 
the  extra  2%  incentive  when  it  becomes  available,  there  is  every 
reason  to  act  immediately. 


7 Crown  can 
setupaschemefor 
youwithout 
delay  or  problems. 


Crown  Financial  Management  is  a leading  . financial  services 
group  that  already  looks  after  the  interests  of  more  than  one  million 
people  in  the  UK.  and  which  provides  company  pension  schemes 
formally  thousands  of  British  companies. 

Our  “Fair  Deals  For  Retirement"  Plan  has  been  designed 
specifically  to  meet  the  Government’s  criteria  for  contracting  out  of 
the  State  Scheme  and  thus  qualifying  in  full  for  the  Government's 
generous  subsidies. 

Our  organisation  takes  care  of  everything,  from  producing 
descriptive  literature  in  your  company's  name  and  explaining  the 
benefits  to  your  employees  at  specially  arranged  meetings,  right 
through  to  paying  their  pensions  when  they  retire. 

Well-deserved  pensions  that  they  would  not  have  been  able  to 
lookforwardto,hadyounothadtlieforesight-andthehard-headed 
commercial  sense  - to  redirect  a large  partofv  ourNational  Insurance 
Contributions  into  your  company’s  own  pension  scheme. 

Stop  throwing  good  money  after  bad.  Send  us  thecoupon.Now. 


To:  Department  FDR,  Crown  Finuncial.\Unugcnicnt,FiwpostAXV  iking.  Surrey  GU.21 1BR.  (NT0  Stamp  required,}. 
Or  telephone:  0^862  503?.  please  let  me  have  ruUdeLuIbofi'air  Deals  For  Retirement. 


CROWN  i 
FINANCIAL  ! 
MANAGEMENT 


Name. 


Position. 


Company! 
Address 


.Tel: 


$ly  professional  advisees  are. 


FT3 


Financial  Times  Saturday  March  22  1986'  ■ 


Underlying  growth  rate 
edges  down  to  2.5% 


BY  PHILIP  STEPHENS,  ECONOMICS  CORRESPONDENT 


THE  ECONOMY’S  underlying 
growth  rate  edged  down  to 
about  2.5  per  cent  last  year 
from  just  more  than  3.5  per  cent 
in  19S4  and  there  were  signs  o* 
further  deceleration  in  the 
second  half. 

The  Central  Statistical  Office 
said  yesterday  that  the  average 
measure  of  Cross  Domestic  Pro- 
duct rose  by  an  estimated  3.3 
per  cent  last  year.  Allowing 
for  the  rebound  in  coal  produc- 
tion after  the  miners'  strike, 
the  growth  rate  was  closer  to 

2.5  per  cent. 

The  average  measure  of  GDP 
seeks  to  reconcile  the  three 
separate  indices— output,  in- 
come and  expenditure — used 
by  the  office  to  gauge  the  pace 
of  economic  expansion. 

The  figures  show  that  the 
economy  in  the  first  half,  grew 
at  an  annual  3.5  per  cent  if  the 
impact  of  the  coal  dispute  were 
excluded,  but  in  the  last  six 
months  the  rate  fell  to  about 

1.5  per  cent. 

Officials  believe  the  profile 
may  have  been  distorted  by  the 
advancement  of  investment  into 
the  first  part  of  the  year,  in 
response  to  tax  changes,  and 
by  erratic  oil  production.  How- 
ever, they  also  acknowledge 


CDF''  / « 


.'GDP 
'oil  and  odp 
.for  coal  str3»| 
am  1979  100  fcl  1H  ta-  ’84  IBS 


signs  of  a slowing  in  the 
recovery. 

The  Treasury  is  forecasting 
that  the  strike-adjusted  growth 
rate  would  remain  steady  at 
about  21  per  cent  this  year  and 
into  the  firs.t  half  of  next. 

.This  suggests  it  is  expecting 
a rebound  in  growth  in  the 
early  part  of  1986,  fuelled  by 
higher  capital  spending  ahead  of 
the  new  tax  year.  For  this  year 
as  a whole  the  Treasury  pre- 
dicts a 5 per  cent  rise  in  the 


volume  of  capital  spending,  a 
similar  increase  in  exports  and 
a 4 per  cent  rise  in  consumer 
spending. 

There  are  also  expectations 
that  the  latest  data  may  be 
revised  upwards  when  further 
information  becomes  available. 

Yesterday's  figures  show  that 
GDP  is  now  about  13  per  cent 
higher  than  in  its  trough  in. 
1981  and  about  7 per  cent  above 
its  previous  peak  in  1979.  A 
substantial  part  of  that  growth 
is  a reflection  of  the  build-up 
of  North  Sea  oil  production. 

On-,  the  basis  of  output  dais, 
excluding  oil  and  adjusted,  for 
the  coal  strike,  the,  growth 
between  the  peak  in  the  second 
quarter  of  1979  to  the  fourth 
quarter  of  last  year  was  4.5 
per  cent 

.A  puzzling  element  in-  the 
figures  is  apparent  evidence 
that  the  .underlying  inflation 
rate  in  the  economy  was  running 
at  nearly  7 per  cent  in  the 
fourth  quarter  of  last  year. 

The.  GDP  deflator  shows  a 
rise  of  6.9  per  cent  compared 
with  the  corresponding  period 
a year  earlier,  in  apparent  con- 
tradiction to  other  price 
indicators  which  point  to  a 
slowing  in  the  pace  of  inflation. 


BSC  warns 
on  unmerited 
pay  rises 

Financial  Times  Reporter 

THE  British  Steel  Corporation 
cannot  afFord  to  make  pay 
awards  which  are  not  matched 
by  improvements  in  producti- 
vity. Mr  Bob  Scholey,  chair- 
man-designate of  the  corpora- 
tion, warned  last  night. 

He  told  the  Lincolnshire  Iron 
and  Steel  Institute  that  if  the 
BSC  was  to  meet  its  recently 
announced  target  of  £200m  a 
year  profit  and  remain  competi- 
tive with  continental  makers,  it 
would  have  to  invest  in  new 
plant  and  continue  spending 
£175m  a year  on  maintaining 
existing  facilities. 

Mr  Scholey  hinted  that  this 
would  leave  no  scope  for  pay 
rises  which  could  not  be  justi- 
fied by  improved  efficiency. 
Every  1 per  cent  increase  in  the 
wages  hill  added  £8m  to  BSC’s 
costs,  he  said. 

A pay  deal  which  matched 
current  inflation  rates  and  was 
not  covered  by  better  producti- 
vity would  add  £40m  to  the  cor- 
poration's costs. 

Mr  Scholey  attempted  to 
dampen  any  tingering  hopes  in 
the  industry  that  it  might  expect 
further  state  aid  if  the  past  few 
years’  restructuring  had  not  put 
the  steel  trade  permanently  into 
profit. 

The  European  steel  industry 
had  been  a heavy  burden  on  tax- 
payers, he  said,  and  govern- 
ments might  want  to  focus  their 
attention  on  emerging  indus- 
tries rather  than  those  which 
continuing  to  be  beset  by  prob- 
lems. 


Lloyd’s  orders  agencies 
to  curb  insurance  trading 

BY  JOHN  MOORE,  CITY  CORRESPONDENT 


THE  AUTHORITIES  of  the 
Llody's  insurance  market  yester- 
day ordered  two  of  the  market’s 
underwriting  agencies  to  curb 
their  level  of  trading  on  four  of 
their  insurance  syndicates 
because  their  nancial  limits  may 
be  breached. 

The  insurance  syndicates, 
formed  of  Lloyd's  underwriting 
members,  hit  by  the  decision  are 
sy do i cates  561  and  566.  managed 
by  Bankside  Sydnicates,  the 
underwriting  agency.  The  other 
syndicates  affected  are  197  and 
726.  managed  by  Patrick  Under- 
writing Agencies. 

Ten  other  syndicates  of  the 
Bankside  agency  are.  unaffected 
by  the  Lloyd’s  decision. 

Both  agencies  have  been  told 


that  they  cannot  accept  business 
which  represents  more  than  85 
per  cent  of  the  total  financial 
capacity  of  the  affected  syndi- 
cates. 

Lloyd’s  is  attempting  to  crack 
down  on  overtrading  in  the 
market  But  many  syndicates 
have  run  into  problems  because 
of  the  sharp  rise  in  premium 
rates  on  many  classes  of  busi- 
ness. The  rise  in  rates  has  meant 
that  their  financial  limits  have 
often  been  breached. 

Both  agencies  have  28  days  in 
which  to  make  their  case  against 
Lloyd’s  decision.  In  the  mean- 
time they  have  been  asked  to 
notify  their  underwriting 
members. 


Budget  move  clarified 
over  duty  on  ADRs 


BY  ALEXANDER  NICOLL 

THE  GOVERNMENT  made 
clear  yesterday  that  a controver- 
sial 5 per  cent  duty  announced 
in  Tuesday's  Budget  would 
apply  only  to  conversion  of  UK 
shares  into  American  Depository 
Receipts  (ADRs)  and  to  share 
transfers  into  certain  settlement 
systems. 

In  a Parliamentary  written 
answer.  Mr  Ian  Stewart, 
Economic  Secretary  at  the 
Treasury,  said  the  Government 
had  been  made  aware  that  the 
phrasing  of  the  Budget  resolu- 
tions could  have  applied  the  tax 


to  nominee  companies  which 
hold  securities  for  , other 
purposes.  - 

The  resolutions  would  be 
amended,  he  said.  But  the 
changes  would  not  affect  imposi- 
tion of  the  5 per  cent  charge 
from  March  19  on  ADR  conver- 
sions and  on  transfers  into 
settlement  systems  which 
enable  trades  of  UK  shares  free 
of  stamp  dtuy. 

An  ADR  regarded  as  a US 
security,  is  a certificate  repre- 
senting shares  which  have  been 
deposited  in  a custodian  bank. 


The  Foreign  and  Colonial  Investment  Trust  PLC 


19ffb  Annual  Report  and  Accounts 
now  available  on  request 


Success  of  savings  plan— 

1,553  new  private  shareholders. 


n 

i 

i 


To:  The  Foreign  & Colonial  Management  Group 

1 Laurence  Pbrmfney  HID,  LondonEC4R  ORA. 

please  send  me  a copy  of  The  Foreign  and  Colonial  IhvestmentThistPLG 

1985 Annual  Report  and  Accounts  and  details  of  Savings  Kan. 

PLEASE  USE  BLOCK  CAPITALS 

RmurniftMr./Mrs/ML-s,  .... 


ErstName/s- 


Address. 


Kinnock 
criticises 
Income  tax 
rate  cut 


UK  NEWS 

John  Griffiths  looks  at  a move  to  smooth  out  annual  motor  sales  $ > 

Unleashing  a car  letter  prefix  storm 


By  Margaret  van  Mattem, 

MR  NEIL  KINNOCK,  the 
Labour  leader,  yesterday 
attacked  the  cut  in  the 
standard  rate  of  income  tax 
iii  last  week's  Budget,  saying 
no  more  effective  way  could 
be  imagined  of  making  a 
biased  change  in  general  taxa- 
tion against  the  poor. 

Speaking  in  .his  Islwyn  con- 
stituency Mr  Kina  said  the 
■combined-  effect  of  the  adjust- 
ment in  -tax  allowances  and 
the  lp  in  tfae  £ cut  was  to  give 
a single  person  on  £60  a week 
an  extra  penny  a week,  while 
a single  person  on  £250  a week 
would  get  208  times  as  much. 

The'  £lbn  used  to  finance 
.that- tax  cut  could,  Mr  Kin- 
nock said,  bave  created 

350.000  Jobs  in  a year.  In- 
stead, it  had  gone  on  a 
measure  which  would  bring  in 

20.000  Jobs  “ if  we’re  lucky  ” 
and  not  too  much  of  the  extra 
spending  went  on  imports. 

The  Budget,  he  said,  had 
shown  an  extraordinary 
blend.  On  the  one  hand,  It 
was  a remarkable  display  of 
careful  political  planning  in 
which  each  measure  was 
attuned  to  the  findings  of  the 
opinion  polls  to  produce  what 
the  Conservatives  hoped 
would  swing  the  votes  of 
potential  Tory  voters  — a 
budget  written  by  the 
polsters. 

“On  the  other  hand.”  Hr 
Kinnock  said,  “ the  real  prob- 
lems of  Britain’s  economy, 
were  treated  with  casual  com- 
placency wrapped  in  a smug 
cocoon  of  contrived  statistics, 
— Nero  Lawson  fiddling  the 
figures  while  Britain’s  future 
burns.” 

Dr  David  Owen,  the  SDP 
leader,  also  attacked  the  use 
of  the  £lbn  for  tax  cuts  rather 
than  job  creation.  He  pointed 
out  that  neither  Mr  Kinnock 
nor  his  deputy  Hr  Roy  Hat- 
tersley  was  expected  to  vote 
against  this  tax  cut  despite 
their  criticisms. 

It  was,  he  told  the  Taunton 
Chamber  of  Commerce,  a 
decisive  demonstration  of 
their  irresponsibility 

Four  Tory  MPs 
to  stand  down 

By  Margaret  van  Hattem, 

FOUR  SENIOR  Tory  back- 
benchers have  announced 
they  will  stand  down  at  the 
next  election.  Last  night.  Mr 
Geoffrey  Rippon.  Sir  Hum- 
phrey Atkins  and  Mr  David 
Crouch  f Aid  their  constituency 
associations  of  their  plans  to 
retire  from  Westminster. 
Earlier  in  the  week.  Sir 
Anthony  Kershaw  made  a 
similar  announcement. 

Sir  Hunrohrev,  M*»  for  Snol- 
thorne,  who  resigned  from  the 
Cabinet  at  the  start  of  the 
Falklands  conflict,  had  served 
as  a Foreign  Office  minister 
and  as  Northern  Ireland 
Secretary. 

Mr  Rippon,  MF  for  Hex- 
ham. and  at  times  a critic  nf 
the  Government,  gave  no  rea- 
son for  his  decision.  He  did, 
however,  warmly  commend 
the  Chancellor's  Budget. 


IT  WAS  not  the  car,  but  tha 
number  plate,  of  the  US-regis- 
tered  Volkswagen  Rabbit — Golf 
'in  Europe— ;wbich  had  the  necks 
of  British  drivers  craning  on  the 
Hammersmith  flyover  last 
month:  “Bugs  1” 

Whether  they  liked  it  or 
loathed  it,  the  plate  provided 
a-  poignant  reminder  that  while 
many  Britons  nurse  neuroses 
about,  the  registration  prefix  or 
suffix  of  their  cars — and  wbat 
it  tells  about  the  age  of  their 
model— most  . Americans  can 
dream  up  any  plate  they. like. 
As  long  as  it  is  not  obscene 
and  nobody  else  has  it,  the  com- 
puter will  register  a personal 
number,  which  can  be  trans- 
ferred from  oar  to  car. 

So  to  foreign  eyes  the  storm 


preparation  for  the  flood  of  new 
cal’s;  and  puts  similar  stress  on 
servicing  operations. 

There  has  been  wide  disagree- 
ment within  the  trade  and 
industry  on  how  to  flatten  the 
bulge. 

Mr  Ridley’s  solution  has 
brought  the  Department  of 
Transport  itself  into  the  firing 
line.  The  Motor  Agents  Asso- 
ciation.. representing  the  bulk 
of  Britain's  motor  traders, 
promptly  accused  the  depart- 
ment of  choosing  October  to 
solve  its  own  problems,  not  the 
motor  trade's. 

The  department's  vehiria 
licensing  centre  Swansea  has 
been  under  heavy  strain  from 
the  bulge.  Officials  insist  that, 
with  new  computer  systems 


by  Mr  Nicholas  Rid-  The  yearly  identified  was  first  20.36  per  cent  of  theyear’stotal  ™ & ,™aHed>  there  should  no 
ley,  the  Transport  Secretary,  in  introduced  in  January.  1963— at  market.  Yet  July  sales,  at  42.4-8.  bfi  & blem 

announcing  that  the  month  for  the  industrv’s  request— in  the  represented  only  2.31  per  cent.  s 

introducing  the  yearly  prefix  belief  that' it  would  increase  And  there  has-been  a depres-  However,  Mr  Kiaiey  said 

letter  will  move  next  year  from  saies.  It  appeared  to.  but  since  sant  effect  on  sales  also  in  June 
August  to  October,  will  be  seen  January  was  already  the  peak  and  September, 
as  one  in  a peculiarly  British  month,  the  bigger  bulge  g0  the  system  has  created  a 
teacup.  . created  led  to  a request  for  the  number  of  problems.  They 

By  exploiting  the  British  pen-  yearly  identier  to  be  switched  to  include:  cash  flow  for  dealers,  _ . 

chant  for  one-up-mansbip.  car  August,  thus  smoothing  out  jn  having  to  stock  up  in  advance  5.000  dealers,  had  concluded 
makers,  importers  and  dealers  annuai  sales  by  creating  two  for  the  sales  boom,  during  a that  most  wanted  a switch  to 
had  created  a Frankenstein  s mini-bulges.  period  when  sales  have  been  June,  ahead  of  the  main  holiday 

B2T  'i^ ‘bulge  "Lrt  But  as  the  chart  shows,  the  severely  reduced  precisely  period  and  leaving  all  summer 

thefT  wre  m“dl!kht  garage  annual  August  sales  bulge  now  because  of  August  expectations  to  dispose  of  a flood  of  trade- 
Tf  ownera  want^Tto  far  exceeds  January’s,  and  has  when  dealers  are  likely  to  be  ins.  Austin  Rover,  proclaim^ 
drive  off  to  care  reached  embarrassing  proper-  short-staffed  because  of  summer  there  was  no  evidence  that  fife 

in  the  openly  seconds  of  tions.  The  373,253  new  cars  sold  physical  ability  to  handle  the  prefix  increased  saies  wanted  it 

to  August  last  year  represented  holidays.  This  taxes  their  scrapped. 


October  “ would  enable  DVLC 
staff  to  cope  better" — a state- 
ment  pounced  on  by  the  MAA 
as  “ ridiculous.” 

The  association,  having  polled 


August  1. 


More  pressure  for  LME  change 
as  another  member  halts  trade 

BY  RICHARD  MOONEY 

PRESSURE  on  the  London  a head  by  the  tin  crisis.  Some-  ring-dealing  membership  of  the 
Metal  Exchange  to  change  its  thing  needed  to  be  done  in  a LME  and  has  said  it  would  re- 
trading  system  in  the  wake  of  matter  of  months,  he  said.  consider  its  decision  if  a clear- 
the  tin  crisis  increased  yester-  Even  before  the  tin  crisis,  tog-house  system  were  adopted, 
day  with  the  announcement  that  there  was  a large  body  of  Mike  Brown,  the  LME 

another  one  of  its  members  is  ©pinion  in  the  market  that  the  chief  executive,  said  yesterday 
to  cease  trading.  principals  system  was  too  risky  11141  question  of  switching 

Holco  Trading  Company,  a and  that  the  exchange  should  to > a ' “ vJole 

subsidiary  of  E.  D.  and  V.  Man,  switch  to  a clearing-  system  under  consideration  the  w note 
said  It  was  limiting  its  LME  similar  to  that  used  to  London's  u™?-  . _ . _ t . , 

operations  to  liquidation  of  soft  (non-metal)  commodity  ^e  that  Ho^co  s 

existing  contracts  Md  that  it  markets.  withdrawal— like  Raynor's— hid 

was  not  likely  to  resume  ring  Holco's  decision,  which  means  increased  the  pressure  for 

trading  unless  the  exchange  that  six  of  the  28  companies  change.  • 
adopted  a full  clearing-house  trading  on  the  LME  when  the  Mr  Clarke  said  Holco  had  not 
system.  crisis  broke  in  October  have  decided  precisely  how  the  LME 

It  will  remain  an  LME  mem-  announced  their  withdrawal  system  should  change.  But  it 
ber  however,  and  will  continue  from  the  market  is  almost  believed  all-day  trading  should 
trading  physical  metaL  exactly  similar  to  that  an-  be  adopted,  as  well  as  traded 

Mr  Colin  Clark,  a Holco  nounced  on  Thursday  by  J.  H.  options, 
director  and  LME  committee  Rayner  (Mincing  Lane),  a sub-  The  exchange  should  also,  re- 
member, said  misgivings  about  sidiary  of  the  S.  & W.  Berisford  examine  its  existing  contracts 
the  current  system  in  which  Trading  Company.  such  as,  for  example,  silver, 

traders  deal  with  each  other  as  Unlike  the  previous  four,  which  is  only  traded  infre- 
principals  had  been  brought  to  Rayner  is  also  retaining  full  quently. 

Heseltine  renews  attack  on  GM  deal 

BY  JAMES  McDONALD  AND  PETER  RIDDELL 

MICHAEL  HESELTINE,-  ship  of  British  industry  had  of  talent  and  creative  capacity” 


MR . . . 

former  Defence  Secretary,  yes-  tod  to  charges  that  the  British  he^said. 
ter  day  renewed  his  attack  on 
a possible  deal  with  General 
Motors  for  Land  Rover.  The 
Tory  MP  for  Henley  told  the 
American  Chamber  of  Com- 
merce in  London,  at  a lunch,  ...  

that  part  of  the  debilitating  pro-  foreign  buyers,  then  we  are  on  factoring  jobs  was  now  conse 


Government  had  allowed  over-  He  said  of  British  industry: 
seas  companies  to  pursue  their  "We  are  at  times  too  eager 
interests  rather  than  a more  to  import  American  managerial 
particularly  British  interest.  skills,  for  example,  rather  than 
"If  every  time  we  run  into  acquire  them  ourselves." 
industrial  difficulties  we  seek  _ Li  Britain  one  in  eight  manu- 


‘Militant’  12 
move  to  bar 
proceedings 

By  Raymond  Hughes, 

Law  Courts  Correspondent 

TWELVE  Labour  Party  mem- 
bers from  Live itiooI,  facing  ex- 
pulsion because  they  are  alleged 
to  belong  to  Militant,  will 
the  High  Court  on  Monday  , to 
stop  disciplinary  proceedings 
being  brought  against  them  on 

Wednesday. 

Their  case  began  in  court 
yesterday  but  was  stopped  when 
it  was  learnt  that  on  Monday 
their  senior  counsel,  Mr  Andrew 
Collins.  QC,  could  not  carry  on. 
The  court  was  told  the  12 
wanted  to  restart  the  case  with 
another  QC. 

Mr  Collins  had  told  the  court 
the  procedure  proposed  by  the 
Labour  Party  for  Wednesday’s 
hearing  was  manifestly  unfair 
and  broke  the  rules  of  natural 
justice.  He  said  “The  evidence 
is  so  manifestly  insubstantial 
and  feeble  that  there  is  a real 
that  the  party  is  going  to  iv 
in  rumour,  gossip  and  mafice 
from  political  enemies.” 


cess  of  loss  of  industrial  dyna- 
mism was  the  sale  of  manufac- 
turing companies  to  foreign 
concerns. 

He  said  increasing  US  owner* 


High  Court  hints  at  talks 
on  legal  fees  increase 

BY  RAYMOND  HUGHES,  LAW  COURTS  CORRESPONDENT 


a one-way  downward  path,  quern  on  US  investment  He 
"Britain  has  seen  its  share  said:  “I  welcome  the  .fact  that 
of  world  trade  to  manufactures  40  per  cent  of  all  American 
decline  remorselessly,  and  as  a investment  in  Europe  comes 
nation  there  is  an  absence  of  here.  But  it  means  that  there 
industrial  strategy  which  has  is  three  times  as  much  Ameri- 
led  to  an  export  of  jobs  over  can  ownership  of  British  indus- 
rccent  decades  at  an  appalling  try  as  there  is  American  owner- 
rale,  and  a steady  seeping  away  ship  in  France." 


Fowler  details 
NHS  savings 

SAVINGS  from  competitive 
tendering  for  cleaning,  catering 
and  laundry  services  in  the 
National  Health  Service  have 
risen  to  £42m  a year,  against 
£9m  a year  ago,  Mr  Norman 
Fowler,  the  Health  Secretary, 
told  MPs  in  a Commons  written 
reply. 

"These  savings  are  being 
retained  by  health  authority ' 
for  use  in  running  and  develop- 
ing services  to  patients.  The 
resources  released  are  now 
making  a substantial  contribu- 
tion to  patient  care,”  Mr  Fowler 
said. 


LORD  HAILSHAM.  the  Lord 
Chancellor,  was  given  a clear 
hint  by  the  High  Court  yester- 
day that  he  should  arrange  a 
timetable  for  negotiations  with 
the  Bar  over  its  claim  for  a sub- 
stantial increase  in  the  fees 
barristers  receive  for  criminal 
legal  aid  cases. 

Mr  Nicholas  Phillips,  QC,  for 
Lord  Hailsham,  told  the  court 
the  Lord  Chancellor  recognised 
that  the  Bar  had  a legitimate 
expectation  for  negotiations  on 
a report  which  recommended 
that  barristers’  legal  aid  fees 
be  increased  by  between  30  per 
cent  and  40  per  cent. 

The  report  was  prepared  for 
the  Bar  by  Coopers  & Lybrand, 
management  consultants. 

Lard  Lane,  the  Lord  Chief 
Justice,  asked  why  there  should 
not  be  a binding  timetable  for 


negotiations.  Saying  that  he 
would  not  like  to  ruin  against 
l^ord  Hailsham,  Lord  Lane  ad- 
journed yesterday's  hearing 
early,  with  a ^uggesti-.n  that 
there  should  be  some  "hard 
thinking"  before  the  case  re- 
sumes on  Monday. 

In  its  unprecedented  judicial 
review  application  against  Lord 
Hailsham.  the  Bar  is  seeking  a 
declaration  that  he  acted  un- 
lawfully by  imposing  increases 
of  5 per  cent  on  criminal  legal 
aid  fees  from  April  1. 

Lord  Hailsham  was  in  breach 
of  his  duty  under  the  1974 
Legal-  Aid  Act  to  fix  “ fair  and 
reasonable  ” remuneration,  the 
Bar  contends.  On  the  basis  of 
the  Coopers  & Lybrand*  report, 
It  claims  that  fee  increases 
of  between  30  per  cent  and  40 
per  cent  are  justifiable. 


Computers  set  to  ease 
county  court  workloads 

BY  A.H.  HERMANN,  LEGAL  CORRESPONDENT 


COMPUTER  terminals  will  be 
installed  in  county  courts  in 
the  course  of  the  next  five  years 
to  help  process  some  2m  pro- 
ceedings started  each  year. 
Lord  Hailsham.  the  Lord  Chan- 
cellor, announced  ihe  move  at 
the  annual  dinner  of  the  County 
Court  and  District  Registrars 
last  night. 

Information  technology  will 

be  introduced  to  facilitate  the 
most  labour  intensive  adminis- 
trative work,  in  the  first 
instance  by  means  of  com- 
puterised registers  of  liqui- 
dated debt  actions. 

Answering  criticism  for  not 
including  a provision  for  a 
Family  Court  in  the  Matri- 
monial and  Family  Proceedings 
ct  1984,  Lord  Hailsham  made 
clear  that  “though  almost 
veryone  is  in  favour  of  a 


Family  Court  ’*  he  remained 
firmly  opposed  to  it  Tor  two 
reasons.  First,  it  would  mean 
abolishing  the  domestic  juris- 
diction of  the  magistrate’s 
courts  — a measure  he  fears 
would  be  unpopular  — and 
second,  the  Family  Court  would 
cost  more  in  qualified  man- 
power, in  bricks  and  mortar 
and  in  money. 

The  Lord  Chancellor  said  the* 
progress  of  the  civil  justice 
review  had  shown  the  need  for 
radical  change  to  dealing  with 
claims  for  damages  in  personal 
injuries.  One  proposal  is  lo  deal 
with  simpler  cases  without  oral 
hearings. 

Lord  Hailsham  told  his 
audience:  “Much  of  what  is  pro- 
posed will  go  against  the  grain 
of  the  ingrained  conservatism 
of  the  profession.” 


Notice  to  Account  Holders 

Gross 

interest 

, Midland  Savings  Accounts  ' ■ 

Net 

Interest 
% p-a. 

Gross 
Equivalent 
lo  a Basic 
Rate 

Taxpayer 

%p.a. 

With  effect  from  19th  March  1986 

7.69 

Deposit  Account 

5.75 

8.21 

10.37 

Griffin  Savers 

7.75 

11,07 

With  effect  from  20th  March  1986 

10.37 

Monthly  Income  Account 

7.75 

11.07 

8.03 

9.36 

10.37 



Saver  Plus 
£100+ 

: £500+  i j 

' £1000+  '■ 

6.00 

7.00 

7.75 

8.57 

10.00 

11.07 

•Save  and  Borrow  Accounts 

'With  effect  from  18th  April  1986,  interest  paid  on  credit 
balances  will  reduce  by  1%  to  5.75%  net  per  annum. 
For  those  customers  who  receive  interest  gross,  the  i 
rate  will  reduce  to  7.69%  p.a. 

Interest  charged  on  overdrawn  balances  will  reduce 
by  2%  to  2 1 % APR  22.7%. 


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UK  NEWS-LABOUR 


WARWICK  INDUSTRIAL  RELATIONS  CONFERENCE 


Broader  role  for  unions  spelt  out 


BY  PHILIP  BASSETT,  LABOUR  EDITOR 


A NEW  role  for  Britain's  trade 
unions  and  a fresh  attempt  to 
come  to  terms  with  growing 
non-unionism  and  exploitation 
was  spelt  out  yesterday  by  Mr 
John  Edmonds,  general  secre- 
tary of  the  General.  Municipal 
and  Boilermarkers’  Union. 

In  a speech  to  an  industrial 
relations  conference  at  Warwick 
University,  Mr  Edmonds  laid 
out  a framework  which  would 
“ give  the  trade  union  move- 
ment the  opportunity  of  estab- 
lishing a broader  appeal."  He 
said  that  at  present  trade 
unionism's  public  esteem  was  at 
its  lowest  ebb. 

Mr  Edmond’s  theory  is  one  of 
the  few  attempts  within  unions 
— the  other  main  approach  is 
that  of  the  EETPU  electricians’ 
union — to  try  to  deal  with  grow- 
ing non-unionism,  which  now 
involves'  more  than  50  per  cent 
of  the  workforce. 


John  Edmonds:  ootllned 
“ambitious  package" 


Central  to  this  new  direction 
— in  which  Mr  Edmonds  said 
trade  unions  were  normally  un- 
willing to  go — is  a package  of 
individual  rights.  These  would 
include:  Elementary  job 

security.  added  protection 
against  unfair  dismissal,  im- 
proved contract  law  including 


more  notice  on  employment 
ebange  or  termination,  better 
lay-offs  and  redundancy  proce- 
dures and  payments  and  effec- 
tive minimum  standards  on 
eaniings,  hours  and  holidays. 

Other  features  of  the  package 
include:  improved  health  and 
safety  legislation,  higher  physi- 
cal standards  on  issues  like 


temperature  and  humidity  and 
a " fairness  " clause  not  just  act- 
ing against  discrimination,  but 
providing  opportunity  for  talent 

Mr  Edmonds  said  this 
“ ambitious  package n would 
provide  unions  with  two  import- 
ant roles: 

• It  would  give  them  the  oppor- 
tunity of  identifying  wfth  non- 
union members  who  think  that 
trade  unions  could  not  or  would 
not  do  anything  for  them’  indi- 
vidually.’’ 

• It  would  enforce  the  pack- 
ages provisions,  effectively  act- 
ing as  voluntary  inspectors,  litis 
would  make  -union  membership 
attractive  to  people  not  in 
unions. 

Mr  Edmonds  said  traditional 
union  recruitment  methods 
were  no  longer  satisfactory, 
especially  in  . predominantly 
non-union  areas  such  as-  the. 
growing  seven  million-strong 
service  sector.  Although  em- 
ployees could  be  drawn  into 
union  membership  (though  not 
id  great  numbers  in  any  one 
establishment,  it  was  difficult  to 
retain  them  in  membership. 

Mr  Edmonds  said  improved 
statutory  recognition  provisions 
for  unions  would  be  helpful.  He 
doubted  whether  any  future 


government  — including,  im- 
plicitly. a Labour  administration 
— would  be  able  to  bring  in  such 
a system,  because  this  might  be 
seen  as  leaning  too  much 
towards  trade  unions. 

Mach  of  Mr  Edmonds’  think- 
ing is  based  on  the  findings  of 
a study  carried  out  by  the 
union  into  employment  trends 
into  the  1990s,  on  which  it 
intends  to  base  its  own  recruit- 
ment priorities. 

Some  interim  findings  of  the 
study  predicted  marked  falls  in 
employment  in  mining  (18  per 
cent),  mechanical  engineergin 
(14  per  cent),  shipbuilding  (20 
per  cent),  the  vehicle  industry 
(20  per  cent),  chemicals  (7  per 
cent)  and  the  food  and  drink 
.industries  (8  per  cent).  Some 
areas — construction  . (2  - per 
cent),  health  (10  per  cent) 'and 
services  (9  per  cent)  — would 
show  some  increases. 

Mr  Edmonds  said:  **l  reject 
the  possibility  that  the  trade 
union  movement  should  ignore 
that  vast  area  of  employment; 
that  it  should  leave  itself 
trapped-  in  the  public  services 
and  parts  of  manufacturing:  that 
it  should  allow  itself  to  be 
reduced  to  the  sort  of  ghetto 
unionism  current  in  the  US.” 


Lloyds  staff 
urged  to 
vote  for  ban 


on  overtime 


Move  towards  market  unionism  welcomed 


BY  OUR  LABOUR  EDITOR 


INDUSTRIAL  relations  now 
stood  a greater  chance  of  legal 
stability,  free  from  political 
interference,  Mr  Paul  Roots, 
Ford’s  industrial  relations 
director,  told  the  conference. 

He  said  there  were  indica- 
tions that  UK  industrial  rela- 
tions might  move  from  the 
pattern  where  a Labour  govern- 
ment strengthened  trade  unions' 
legal  immunities  and  rights 
under  the  law.  and  a Conserva- 
tive one  then  introduced  a 
series  of  legal  restrictions.  The 
indications  came  most  notably 
now  from  the  unions,  which 
were  recognising  that  the  clock 
could  not  be  turned  back  on 
the  law. 

He  thought  the  most  success- 
ful initiatives  in  labour  law, 
such  as  introduction  of  pre- 
strike ballots,  were  those  which 
simply  accelerated  a trend 
which  was  in  place  anyway. 

Ford’s  manual  workers  were 
balloted  on  pay  for  the  first 
time  this  year.  Mr  Roots  said 
the  ballot  rejections  of  the  pay 
offer  had  given  the  unions 
considerable  moral  authority. " 
though  he  thought  such  develop- 
ments were  likely  to  lead  to 


the  Advisory.  Conciliation  and 
Arbitration  Service,  was  scepti- 
cal of  stability  in  industrial 
relations  law.  principally  be- 
cause of  the  legal  implications 
of  News  International’s  Wap- 
ping  dispute. 

Arguing  that  in.  the  run-up  to 
a'  general  election  oscillation 
between  different  theories  about 
industrial  relations  law  would 
increase,  he  said-  News  Inter- 
national's dismissal  of  strikers 
was  leading  to  the  idea  that  go- 
ing on  strike'  should  imply  a 
suspension  of  the  striker’s  con- 
tract of  employment,  rather 
than  its  breach. 


Sir  Pat  Lowry:  sceptical  be-  ■ 
cause  of  Wapping  dispute 


employers  deliberately  keeping 
back  some  money  to  meet  any 
ballot  rejection. 

He  welcomed  the  trade 
unions’  movement  towards  mar- 
ket unionism  in  the  provision  of 
better  services,  as  typified  by 
EETPU,  the  electricians’  union. 

Sir  Pat  Lowry,  chairman  of 


He  said  such  thinking  if 
applied  in  practice,  would  lead 
to  greater  legalistic  scrutiny  of 
strikes  and  approach  ’’the  in- 
evitable development  of  the 
legal  enforceability  of  procedure 
agreements.” 

Mr  Nick  Cowan,  director  of 
the  Clearing  Bank  Employers 
Federation,  said  unions  were 
moving  towards  a more  effective 
way  of  conducting  industrial 
relations  by  challenging  manage- 
ment on  its  own  ground.  ■ 
Unions  were  becoming  much 


cleverer.  They  were  learning 
what  managements  were  doing, 
and  questioning  them  closely  on 
this  based  on  that  close  know- 
ledge. “The  shift  Is  moving  from 
straight  confrontation  to 
actually  understanding  the  man- 
agement process — and  actually 
being  better  at  it." 

He  constrasted  this  develop- 
ment which  he  said  was  rooted 
in  some  new  trade  union 
leaders’  style,  with  the  view  of 
some  others;  particularly  those 
talking  about  restoring  the 
framework  of  industrial  rela- 
tions legislation  to  1979  or 
before. 


Mr  Cowan  said  many  of  the 
changes  which  had  led  to  these 
shifts  in  industrial  relations 
behaviour  were  deep-seated.  As 
an  example  he  forecast  a con- 
tinuing decline  in  British 
unions  to.  the  US  level,  where 
unionisation  was  under  20  per 
cent,  but  accepted  a challenge 
from  Dr  James  McFarlane, 
director  general  of  the  En- 
gineering .Employers  Feder- 
ation, that  such  changes  were 
not  necessarily  irreversible. 


By  Helen  Hague,  Labour  Staff 
THE  LLOYDS  BANK  Group 
Staff  Union  Is  urging  its 
22,000  members  to  vote  In 
favour  of  an  overtime  ban  in 
pursuit  of  an  enhanced  pay 
offer. 

The  ballot,  sanctioned  by 
tiie  union’s  executive  com- 
mittee after  a unanimous 
conference  vote  for  industrial 
action,  will  begin  next  week. 


Lloyds  has  offered  senior 
clerical  grades  and  managers 
a 5 per  cent  Increase.  This 
is  in  line  with  the  offer  made 
by  the  Federation  of  London 
Clearing  Bank  Employers  to 
clerical  staff  at  the  bottom, 
end  of  the  pay  scale. 

The  federation  negotiates 
rates  of  pay  for  clerical 
grades,  one  to  four  for 
Lloyds,  the  National  West- 
minster and  Barclays  banks. 

Senior  clerical  grades  and 
appointed  staff  pay  Increases 
are  negotiated  domestically 
in  the  three  banks,  although 
the  federation  offer  usually 
sets  the  trend  for  in-house 
bargaining  for  higher-paid 
employees. 

JLBGSU  is  a constituent 
body  of  the  non-TVC  CHear- 
ins  Bank  Union.  The  federa- 
tion negotiates  with  both  the 
Clearing  Bank  Union  and  the 
TUC-affiliated  Banking,  Insur- 
ance and  Finance  Union. 


More  backing  for  political  funds 


-l.i)  i 


BY  DAVID  THOMAS,  LABOUR  STAFF 


THE  FINAL  two  unions  in  the 
current  round  of  ballots  on 
political  funds  declared  over- 
whelming votes  in  favour  of 
keeping  their  funds  yesterday. 

This  means  that  all  39  unions 
with  political  funds  have  now 
voted  to  retain,  them. 

In  addition,  two  unions  pre- 
viously without  political  funds 
have  voted  to  establish  them  as 
part  of  the  current  series  of 
ballots  and  about  another  12 
are  due  to  vote  on  establishing 
them. 

The. votes  were  forced  on  the 
unions  by  the  1984  Trade  Union 
Act  and  this  section  of  the  act. 
is  now  likely  to  be  seen  as  the 
Government’s  . only  big  mis- 
judgxnent  to  date  in  framing 
its  trade  union  laws. 


Yesterday  the  white  collar 


sterday  tL_  _ 

union.  ASTMS,  announced  mat 
102,236  members  had  voted  in 
favour  of  keeping  a fund  and 
23,996  against.  The  construc- 
tion union.  Ucatt,  voted  by 
56.733  to  5.295  to  - retain  its 
fund. 

The  turnout  was  the  highest 
ever  recorded  in  a national  vote 
by  either  union.  For  ASTMS.  it 
was  about  40  per  cent  and  for 
Ucatt.  about  30  per  cent. 

At  the.  start  of  the  round  of 
ballots,  ASTMS,  which  repre- 
sents managers,  technicians, 
scientists  and  supervisors,  had 
been  thought  the  union  most 
likely  to  lose  its  fund. 

• Mr  Clive  .Jenkins,  ASTMS 
general  secretary.  said:  “This 
is  a remarkable  response  from 


our  members  who  dearly 
believe  that  they  need  to.  retain 
a parliamentary  presence."  ‘ 

Mr  Albert  Williams,  Ucatt 
general  secretary,  said:  “The 
Tory  Government  has  put  poli- 
tics on  the  agenda.  Trade 
union  members  have  demon- 
strated overwhelmingly  with 
these  results  that  they  want 
their  anions  defended  against 
the  attacks  it  has  made  on 
them.'’  . . _ . . 

Mr  Williams  rejected  the  sug- 
gestion, made  at  times  by  bub» 
ters..  that  members  had  hV 
been  told  that  most  political 
funds  support  the  Labour  Party: 
“In  calling  for  a yes  vote,  we 
made  it  dear  that  the  fund  is 
used  to  support  the  Labour 
party,”  he  said.  ' t- 


Westland  supervisors  may 
lose  bargaining  rights 


BY  OUR  LABOUR  STAFF 


By  balloting  its  entire 
membership  — including  the 
employees  covered  by  cen- 
tralised wage  . - bargaining 
through  the  federation  — 
LBG5U  is  seeking  to  exert 
pressure  for  increased  rises 
both  domestically  and  nation- 
ally. 

A Yes  vote  in  the  overtime 
ballot  would  act  as  leverage 
in  both  negotiations.  The 
CBU  has  registered  a formal 
failure  to  agree  in  rejecting 
the  federation's  5 per  cent 
offer. . 


• Both  unions  recognised  for 
collective  bargaining  at  the 
Midland  Bank — Blfu  and  the 
ASTMS  — white-collar  onion 
have  rejected  the  bank's  pay 
offer  of  a series  of  flat-rate 
Increases. 

They  are  seeking  early 
meetings  with  the  bank  to 
discuss  grade  restructuring 
proposals. 

The  Midland  pulled  ont  of 
the  federation  before  Christ- 
mas to  pursue  domestic  nego- 
tiations for  all  grades. 


WESTLAND,  the  helicopter 
maker,  has  moved  to  withdraw 
trade  union  bargaining  rights 
for  supervisory  staff  at  its  cus- 
tomer-support division  at 
Weston-super-Mare,  Avon. 

The  move  was  criticised  by 
the  Association  of  Scientific, 
Technical  and  Managerial  Staff, 
the  union  representing  the  90 
supervisors,  as  US-style  indus- 
trial relations  techniques  im- 
parted in  the  wake  of  West- 
land’s  recent  take-over  by  the 
US  conglomerate  United  Tech- 
nologies. 

Westland  denied  the  move 
had  anything  to  do  with  its 


take-over.  „ , t . 

ASTMS  said  the  90  were  told 
their  foreman  and  chargehand 
grades  were  not  appropriate  for 
union  representation  and  that 
they  were  offered  payments  of 
£700  or  £600  a year  to  accept 
the  change.  , 

Mr  Clive  Jenkins.  ASTMS 
general  secretary,  said  he  was 
protesting  to  the  Prime  Minis- 
ter: “In  view  of  her  support  for 
the  United  Technologies  bid, 
she  should  be  aware  they  are 
seeking  to  import  Into  this  coun- 
try the  American  Taft-Hartley 
laws  which  prevent  supervisory 
staff  joining  trade  unions." 


BR  makes 


improved 
pay  offer 


By  David  Brindfe,  Labour  Staff 


Sogat  printers  accused 
of  breaching  court  order 


BY  OUR  LABOUR  STAFF 


MEMBERS  OF  the  print  union 
Sogat  'S2  at  the  Scottish  Daily 
Record  were  yesterday  accused 
of  a “wilful”  breach  of  a 
High  Court  injunction  by  hav- 
ing refused  to  produce  in  type 
an  editorial  comment  critical  of 
the  union. 

Mr  Robert  Maxwell,  the 
paper’s  publisher,  made  the 
allegation  in  a sworn  statement 
read  to  Mr  Justice  Drake  at 
the  start  of  the  company?* 
move  to  have  the  union  pub- 
lished for  contempt. 

His  Scottish  Daily  Record 
and  Sunday  Mail  is  seeking  a 
writ  of  sequestration  against 
Sogat  ’82. 

Mr  David  Turner-Samuels 
QC.  counsel  for  the  union,  read 
a sworn  statement  from  Mr 


Bill  Miles,  the  union’s  officer 
for  national  newspapers.  In  it 
he  said  he  did  not  believe 
there  had  been  a contempt 
But  Mr  Miles  added:  “If  the 
court  should  find  there  was,  I 
am  expressly  authorised  and 
instructed  to  inform  the  court 
that  there  was  no  intention  on 
the  part  of  the  defendants  to 
commit  such  a contempt  and  the 
defendants  express  their  un- 
qualified regret  and  apology 
that  there  should  have  been 


one.’ 


Under  cross-examination.  Mr 
Maxwell  accused  Mr  Alan 
Watson,  Sogat’s  officer  in  Scot- 
land, of  “censorship"  by 
stopping  the  paper.  The  pro- 
ceedings resume  on  Monday. 


BRITISH  RAIL  said  yesterday 
it  would  make  a marginal  , 
improvement  in  its  previous 
“final"  5 per  cent  pay  offer  to 
140,000  railway  employees  if  thp 
unions  would  accept  a move  to  • 
cashless  pay.  1 

However,  BR  stressed  thw  - 
such  an  improvement  would  be 
“a  matter  of  pence"  and  the 
manual  railway  workers’  unions 
expressed  doubts  that  they 
would  agree  to  the  change. 

Mr  Jimmy  Knapp,  general 
secretary  of  the  National  Union 
of  Railwaymen,  described  - the 
cashless  pay  suggestion  as  “ not 
a very  attractive  avenue  for  me 
at  the  present  time.”  He  foresaw 
the  move  could  bring  problems. 

BR  says  more  than  half  its 
total  workforce  is  still  paid  in 
cash  rather  than  by  credit  trans- 
fer. . • r 

Mr  John  Palette,  BR’s  manag- 
ing director  of  personnel,  told 
the  unions  yesterday  that  agrees  * • 
ment  to  credit  transfer  for  al/ 
employees  would  produce  cost 
savings  which  could  finance  a 
slightly  imnroved  pay  offer. 

The  NUR.  the  train  driver*1 
union  Aslef  and  the  white-collar 
Transport  Salaried  Staffs  Asso- 
ciation will  consider  next  week 
whether  to  pursue  the  credit 
transfer  proposal  or  to  accept 
or  reieet  the  offer  as  it  stands.' 

Under  the  offer,  the  “weekly 
rates  workers  below  the 
minimum  guaranteed  earnings 
level— which  would  rise  ■"  to 
£97.95— would  increase  by  ah 
extra  £1  over  and  above  the 
5 per  cent 


Just  a few  days  after 


Telecom  shares  went  on 
sale,  thousands  of  first- 
time investors  on  the 
stockmarket  made  an 
80%  profit]  Enough  to 
give  anyone  a thrill. 

There  are  a dozen  or 
more  new  share  issues 
already  scheduled  for  1986  ~ 
from  British  Gas  to  British 
Airways.  The  opportunities 
for  individuals  to  do  well  may 
be  very  considerable. 

With  the  right  advice  you  could  be 
among  the  winners! 

Investors  Chronicle  can  show*  you 
the  way,  with  advice  on  how  to  invest  - 


Pick  up  a 


thriller  on 


Multiple  Sclerosis  is  a disease  that 
Can  strike  anybody;  anytime. 

But;  thanks  to  changes  announced 
in  the  Budget,  giving  us  the  money  that 
•will  help  find  the  cure  is  now  less 
burdensome. 

And,  make  no  mistake,  every 
penny  you  contribute  to  the  Multiple 
Sclerosis  Society  brings  the  cure  that 
much  closet. 

It  also  brings  some  comfort  to  the 
many  thousands  who  suffer  the  misery 


of  impaired  speech,  loss  of  eyesight;  in- 
continence and  paralysis. 

The  much-publicised  events  of  the 
past  twelve  months  have  demonstrated 
just  how  generous  people  can  be  when 
they  believe  in  a cause. 

Our  cause  is  very  important 
Please  give  as  much  as  you  can. 
Because  the  sooner  we  find  the 
answer  the  sooner  we  can  ensure  that 
the  lives  of  those  nearest  to  you  are  not 
tom  apart. 


Multiple  Sclerosis  tears  lives  apart 


•r. 


will  nowbeali 


... mtA 

• . . i - * * 


your  way  to  work. 


when,  where  - and  if! 

And  even  if  youte  notan  active  inves- 
tor you’ll  find  a surprising  amount  in 
Investors  Chronicle  on  savings  and 
personal  finance  too... 

Ideas  like  National  Savings  - not  so 
boringwhenyoulookatthetaxbenefits! 
Unit  Trusts  - how  to  choose  from  the 
800  available!  Loans 
on  your  life  insurance 
- a very  neat  idea! 

Mortgages:  fust  what  is 
the  best  way  to  do  it? 

Even  on  something 
as  simple  as  a High 


INVESTORS 


Interest  Bank  Account;  Investors 
Chronicle  can  save  - or  earn  - you 
hundreds  of  pounds  a year 
You  don’t  have  to  be  a specialist 
dr  a millionaire  to  benefit  Investors 
Chronicle  keeps  it  plain  and  simple. 
Therels  even  a “Beginners  Guide”  every 
week,  so  you  can  learn  the  ropes  as  you 
go  along. 

Kck  up  a copy  at  your 
newsagent  on  Friday. 
See  how  it  feels  to  get 
more  rewards  — more 
thrills  - from  your 
money. 


i r:^ 


For  reoriptof donation 
tick  box  in  coupon. 


r~ 


TT 


l 


I wo 


I iNsfc  encloses  donation  to 
j The  Multiple  Sclerosis  Society  of£_ 


NAME. 


FT/B/a”  ~"1 


I 


ADDRESS. 


I 


.□ 


multiple 

SCLEROSIS 

We  can  find  the  cure  only 
if  we  find  the  funds.  1 


•:  ~ i 


i 


| To:  The  Multiple  Scierogis  Society,  FreepoM.^5  Effie  Road,  LONDON  SV6 1YZ.  Telephone  01736  6267.  Giro  Bank  No.  5 1 ^ 55 


»■ 

SX 

$£...* 


1,^:0? 


* v. 


jnaaiEQai  nmes.aararoay  aiarcti  tua*b 


APPOINTMENTS 


“Sifeg., 


Chairman  of  Equity  & Law 

Foltowtoff  * wcwit  Ulnws.  Sir  Carperalinn  and  h;«  mhor  direr-  director.  ISL  Specialist  Pubtica- 
Blchart  C»c  h»  resigned  j>  tiir&ips  tn-riuifo  BET  and  TR  u»ns;  and  Mr  tail  Linklns 
duurmiri  of  EQUITY  & LAW  Ctiv  °1'  Tnc!.  Mr  managing  direr!  or,  ISL  Business 

bur  he-  t«lL  remain  a director  numan  will  fee  joining  the  Syy.ems.  The  following  arc 
pf.  the  society;  • The  board  has  ABPH  board  a non-exetutivo  appiunicd  pufdi.slntig  diminr  :: 

elected . Sir  Douglas  W*w»  a*  director  in  Apn;.  Jttr  Dm  hi  Ijmniln.  Mr  P«-n*r 

chairman.  Sir  Douglas  became  * Snook,  Mr  Mike  Morris.  Mr  John 

a director  Of [Ifce  society  in  1RS4  Mr  Michael  Dandy  bar.  been  Irlam  and  Mr  Gordon  Waller, 

and  is  A director  of  Bafclays  appointed  asui-^m  manatunu  Mr  John  KichanUon  In-come; 


l°id  i- 

Sfcsi 

I** «H 


R 


% 


Mr  ,Qwpn'  Lamonl  has  been 
appointed  sates  director  tor  GEC 
RELIANCE.  Ho  wns  southern  lrK 
talus  manafier  with  Case  Com- 
muuk'aiions. 

OOLOKGRAPHiC  PRINTERS, 
Leicester,  has  appointed  Mr 
Nicholas  P.  a Winks  3*.  erntip 
..VjnauoginB  director  to  eu-ordirnic 


Mr  Michael  Reid  ha-s  hem 

appointed  executive  chamnsn  of 
SENTINEL  L1FF.  Mr  Ian 
Waddell  hvi'Otue : mans  sing 
director  and  Mr  Keith  KurnKs 
*:»  !:wile  ihv  comt.unyV.  lir«it 
:-oIe-:  am!  marVeti »:g  director.  Mr 
Fit-id  and  Mr  IV  add"! ! ;n»n«'d  tht* 
hoard  !i-<t  yi-.ir  in 


opto^j 

ayoBe, 


l*P*«t  fa  » 

cem 


0 Py  pT»,lt  t 


group  resources.  Ik*  was  mun.*v-  rnsv.ianjV  avum-iuon  b%  Aitl.cn 
tag  director  of  Criltal!  Tectonic.  Hc:r.c  Internal  inn.il 
* * 

Mr  Graham  Fraokland  has 
been  appointed  managing 
direel  nr  - of . ALLEN-BRADLEY 
INDUSTRIAL.  . 'AUTOMATION 
PRODUCTS  l MILTON  KEYNES). 

JIc  was  manufacturing  director 
and  suei-ceds.  Mr  John  Tyler, 
who  If  appointed  exerai  ive 
director1— European  region  with 
Alien  - Bradley  fniematinn.il . 

Ail  ro- Bradley  ia  a Rockwell 
International  Company. 

* 

Mr  Nicholas  Bod  iff  and  Mr 


.Mr  Allan  A.  S.  IU<\  ii,,<s  hern 
nnnninti*ii  it.  tin-  fm.ird  of  I* 
R V \"K . It<<  r!,:ain:Vin  »f  Cihn- 
d»ei;;y  .^ruS  iif  site 

OMTUtlVR  l-*y!l!l:.irU'C  nf  Cib.i- 
Ceisy.  Sv.-U.-i-r!  and  Sir  Rue  if- 
a*sr»  a director  >•?  Turner  hi 
BrjrJ.Jj  Fii'Mt/i  j'mrri, 
and  Brown  KuM-ri  Kvis!  (linUl- 
m-jsi. 


★ 

Mr  John  Curd  nprralinns 
director  for  HUME  PJl'E  ha» 
been  appointed  managing  direc- 
tor in  succession  in  Mr  Robert 
Bowen  who  has  ri-liivd. 


Joint  vinyl 
venture 


‘•WhwS'r 
1S  w°uld  sir 

-*-5  pay.  fti;  Clive  (GJbsiw  have  been 


STANDARD  r.H  MITERED 
MERCHANT  BANK  ha*  appoin- 
ted Mr  M.  J.  Richardson  and 
Mr  J.  R.  Valdingcr  as  ilirertn^; 
iwever  dh  appointed  directors  of  J.  ROTHS  Mr  J.  Hudson.  Mr  J,  W.  Kirk* 
an  ahta,  . CHILD  HOLDINGS  (JRHj.  ham.  Mr  A.  Pendleton  and  Sir 
nailer  ^ r -il'onowlng  Die  reduction  to  less  JI.  K.  A.  Woullrr  have  bren 
Pefc* . than  10  per  cent  of  JRH's  ?!ipmnlH  direeior*  of  Scinnhir 
■J} tnnJ  interest  In  L.  F.  UqlJiH'hili!,  i^ei  Man.'igenient:  Mr  J.  II. 

XJnterberik  Towbin  Holdings  Inc,  i^>a*d’.vin  heenmes  a director  of 
Mr  Francois  Mayer  and  Mr  SCMD  Overseas. 


«M4  d''^  . 
i !?re«  to  % | 

' Jl®Mr 

; ^ of  die S; 
‘“ss  Pav  m ^ 


Tbtmias  Unlerberp  have  resigned 
Jrooi  Uie  board  of  JRH. 

_ . * 

• ASSOCIATED  BRITISH 

PORTS  HOLDINGS  lias  appoin-  executive:  Mr  George  Shau1 

George  Duncan  to  the  made  managing  three: nr,  ISL 

_ He  is  rhaiirndto  of  Lloyds  Industrial  Pui»Jiir.*Jti»*lA;  Mr  Stan 

.^iove  could  hrfao^  Bowmaber  Finance  and  a direc-  Broun  i>  appointed  manaeins 
'■  says  mo»  £«l  tor  of  Lloyds  Bank.  He  is  also  director,  Knmna*«  rublic:*tion^; 
workforce  chairman  ol  Household  Mortgage  Mr  Bill  Lee  becomes  managing 

rathertha^  ' ' 

ECONOMIC  DIARY 


py  an-L  WRTS  1 
"S'titu;  ted  Mr 
- Present!^.,  • hoard.  Hi 


FniChem.  Milan,  and  Impt-rid! 
Chemical  Industries.  Luiuiun. 
have  made  the  follnwing  exeeu- 
li v o appointments  io  (he  board 
i.f  EUROPEAN  VINYLS  COR- 
POfiATlON.  a joint  venture 
being  set  up  to  incorporate  the 
VCM/PVC  intcrcsr.s  of  ihe  twu 
i.i r i ner>.  when  this  comes  into 
jperatinn  in  the  near  future: 
chief  executive  nlliccr  Mr  J. 
York,  technical  dircctur  Dr  K. 
Keil,  commercial  director  Mr 
IV.  J.  Prlnselaar.  finance  director 
Dr  A.  Celenza.  and  resource 
director  Mr  A.  E.  Toung.  Dr  I.. 
Autoori.  chairman  of  EniChrm 
Pulimeri.  and  Mr  R.  Brown, 
director.  ICI  Mond  division,  will 
be  appointed  non-executive 
directors  to  represent  Ihe  share- 
„ _.  . , _T  , , . hnlders*  interests  on  the  board 

Mr  Richard  DancerfieM.  man-  0f  jjje  joinr  venture,  with  Dr 

t.pnF-T'%1-  °t  * ^ FORM  A-  Autuori  becoming  chairman. 
TION  SERVICES,  becomes  chief  h 


director  of 


J, TOMORROW:  Sir  Geoffrey  third  reading  to  Gas  Bill. 

'iveo-  011  ^‘  -Howe,  Foreign  Secretary,  it>  WEDNESDAY;  Oversea;,  travel 

-e?  would  ftfc  yisit  Belgrade.  and  tourism  (January).  Paiance 

MONDAY:  Cyclical  indicators  of  payments  current  account  and 

for  the  UK  economy  f February’),  overseas  trade  figures  Feh- 

EEC  Agriculture  Council  meets  ruary.i.  New  construction  orders  from  the  board  at  the  end  or 

in  Brussels  (until  March  *25).  (January).  CBI  monthly  trends  March l Mr  J.  Hugh  Jones 

TUC  Finance  and  General  Pur-  enquiry  (March).  Detailed  anaiy-  chairman  of  London  Shop  Pro- 
poses Comxaittee.  Engineeritiq  sis  of  employment,  unemploy-  perly,  joins  the  Jarvis  board  as  a 

Industry  Training  Board  confer-  ment.  earnings,  prices  and  other  non-executive  director  from 

mice  at  Royal  Lancaster  Hotel,  indicators.  TUC  Genera!  Coun- 

\V2.  Electrical  Power  Engineers’  cij  meets.  Labour  Party  National 

Association  holds  conference  in  Executive  meets  on  Liverpool 

Bournemouth.  End  of  Commons  Militant  probe, 
debate  on  the  Budget.  GLC  THURSDAY:  Persona!  income 

pppeais  against  Court  of  expenditure  and  saving  ( fourth  Corquodale. 

Appeal  decision  vetoing  its  pre-  quarter).  Industrial  and  commcr- 

abdition  spending  plans.  cial  companies  (fourth  quarter). 

TUESDAY:  China  National  Enemy  trends  (January).  iTncm- 

Peoples  Congress  meets  in  pioyment  and  unfilled  vacancies 

Poitina.  Liverpool  City  Council  (Tifarch*.  New  vehicle  registra- 

budqct  meeting.  Commons  gives  tions  (February). 


a"*  v-htch  h 

A-jef  and  tbev^t- 
':=Don  Salaried  Ei» 
n"  '*i!i  ratsii,^ 

;n  pavipj. 

^posjiw*; 
'f"'f  ir°  ofprst- 
nJe:  fb*  ?fa.  t>': 

•s  wrtns  bfti 

T.jm  oarcB^ir 
vrhicr  *3j(g  s 

3 i;  OTfrsiw, 
"•  rc-:. 


Mr  IL  C.  P.  Wlioeler  who  has 
been  with  the  company  for  :u> 
years,  has  been  appointed  man- 
aging director  nf  J.  JARVIS  & 
SUNS.  He  lake.*;  over  from  Mr 
R.  W.  Denney  who  retires  as 
chairman  and  managing  director 
on  March  31.  Mr  D.  A.  Beefy 
will  act  as  non-exmil ivc  chair- 
man. Mr  Beety,  together  with 
Mr  J.  H.  Roullier,  also  a non- 
executive director,  were  appoin- 
ted to  the  Jarvis  main  board  on 
November  1 1PS5.  Mr  Douglas 
Jarvis,  grandson  of  the  com- 
pany's founder,  is  also  to  retire 


April  1. 

* 

Mr  Ken  Symonds  has  been 
appointed  financial  director  of 
PORVAIR.  lie  was  with  Me- 


'evesis&i 

4 «W 

events  die 
lemonsnsd 
sabetta 

sent 
you  can. 
we  Sad  & 
\ ensure  to 
jveuarenot 


SHIPTON  COMMUNICATIONS 
has  appointed  former  ICL  busi- 
ness systems  general  sales 
manager,  Mr  Keith  Goodman, 
as  sales  and  marketing  director. 


Senior  post 
at  Bestobell 

BESToBKLL  has  appointed 

Mr  Dm  Id  l.-.  Ingmun,  currently 
ciitUnnan,  ur.  chief  executive  af 
the  group.  During  the  period 
imiucdi.iiety  at<ead.  Mr  Ingmun 
lias  agreed  lu  combine  the 
responsibilities  of  chainiun  and 

chief  executive.  He  joined  the 
gruup  in  August  Iasi  year  and 
livcaim*  chairman  in  September, 
lie  was  a gruup  director  uf  the 
petrochemicals  and  p la: dies  divi- 
.siuu  of  ICI. 


l-rom  May  1 DELOITTE 
HASKINS  AND  SELLS  has  ad- 
utitlfd  in  partner-hip  m the 
l.uiidun  ufiiee.  Mr  David  .Vilen 
and  Mr  Tony  Hughes  in  the  cor- 
pora I c lax  group.  Mr  Rodney 
Kaye  laliu  made  a parinerj  will 
hp  the  fiisl  partner  from  the  cor- 
porate tax  gruup  to  serve  on 
secfinrim«*nt  lu  New  York.  Mr 
Gareth  Davies  and  Mr  Gordon 
Ireland  ai.*  made  audit  partners; 
while  Mr  Tim  Paley,  Mr  Doug 
Stull.  Ms  Shelia  Smith  and  Mr 
Ian  Walton  are  aii  admitted  to 
partnership  in  the  management 
consultancy  division.  Mr  Frank 
Atkinson  heroines  a partner  in 
the  Manchester  office.  3D  Ilenry 
Kenyon  in  Bristol,  and  Mr  Brian 
Round  and  Mr  David  Wilton  in 
Birmingham.  Mr  Timothy  Heaton 
has  been  appointed  partner  in 
charge  of  nfliccs  in  the  United 
Arab  Emirates,  Bahrain  and 
Oman. 

Mr  Paul  Thom  ion  has  been 
appointed  honorary  secretary  of 
THE  ASSOCIATION  OF  CON- 
SULTING ACTUARIES  for  two 
years,  lie  succeeds  Mr  Peter 
Felton. 

+ 

Mr  Trevor  Mannd  has  been 
appointed  finance  director  of 
MORE  O’FERRALL.  He  will 
succeed  Mr  L.  S.  Dcvcrvux  who 
is  retiring  from  Hie  board  in 
June.  Mr  Mauml  was  finance 
director  of  Firsi  Computers,  part 
of  the  Heron  International 
Group. 

+ 

The  MONOPOLIES  AND 
MERGERS  COMMISSION  has 
appointed  Sir  Stephen  Bar  bridge 
ns  secretary.  He  will  succeed  Mr 
Neil  Burton,  who  is  retiring. 
The  secretary  to  the  commission 
is  its  senior  adviser  and  head 
of  the  staiT.  He  is  appointed  with 
Ihe  approval  of  the  Secretary  of 
State  for  Trade  and  Industry. 
Mr  Btirbridge  was  head  nf  con- 
sumer affairs  division  in  the 
Department  of  Trade  and 
Industry. 

■* 

EUROFr  (UK)  has  appointed 
as  assistant  directors  Mr  Bill 
Kirkpatrick,  Mr  Donald  Smith 
and  Mr  Jim  Bunyan.  Mr  Kirk- 
patrick was  a direcior  of  3i  and 
will  be  based  at  Newbury.  Mr 
Smith  joined  from  Lazards  and 
is  based  at  Birmingham.  Mr 
Bunyan  has  joined  the  Edin- 
burgh office. 


->• 


Holding  the  right  shares 
won’t  be  a taxing  problem 


+ CONGRATULATIONS  NIGEL  + 


+ INVESTMENT  TRUST  SHARES 


ARE  THE  IDEAL  VEHICLE  FOR  YOUR 


PERSONAL  EQUITY  PLAN  FOR 


PRIVATE  INVESTORS  + 


+ ASSOCIATION  OF 


INVESTMENT  TRUST  COMPANIES  + 


9. 


<4! 


t4. 


Investmentlhists  are  UK  listed 
companies  with  full  voting  rights 
: for  their  equity  shareholders. 
They  are  an  important  part  of 
the  UK  savings  industry  with 
almost  20  billion  pounds  under 

■management 

And  they  offer  a safety  net  by 
spreadingyour  capital  over  a whole 
variety  of  companies. 

They  are  specialists  in  long 


term  investment  and  are  particu- 
larly suited  to  first  time  investors. 
Some  Investment Thist  companies 
offer  savings  schemes  for  as  link 
as  £25  a month. 

You  won’t  have  to  pay  tax  on 
dividends  and  capital  gains  under 
the  Chancellor’s  PJEP  pro- 
posals effecovejanuaiy 1987. 

Investment  Trusts. 

Your  shares  of  the  action. 


For  note  UtormoriM  « Investment 
7hws  Ifol  wto  deal  mth 

pQvjtr  pleai*  «eod  lor  oar  FREE 

twoWefMnie  [nr  jrpurmoOoyJ  (Btorfc 

Capitals  pi  mum 

Ptrawandmci.  ...copy/eapim 


n 

x 


FTl 


irjmaKanimTamiemoihisttldewe 
indjcaic  yoor  pnocnion.  Siottbrokcrn 
Accouwam  □ SclidnwO  Inuinact  bmker  □ 
BanlerDOUier  mwannera  nftterD 
To:  The  Awooukui  d IpvnBntnt  Tma  Companies, 
I^How-6ihilo«;,tiiFUbtaiiyCuai!, 

LoadoaECMTJl. 


Our  special  transport 
will  convey  you  from  your  club  to 

an  exclusive  restaurant 
and  on  to  a glittering  nightspot. 


Those  of  you  fortunate  enough  to  be 
staying  at  The  New  Piccadilly  on  business 
have  no  need  to  call  a cab  to  take  you  in 
search  of  entertainment 

Simply  call  the  lift 

It’ll  drop  you  at  the  exclusive  Gleneagles 
Club,  the  only  country  dub  in  the  heart  of 
a city: 

There  you  can  relax  in  an  armchair  to 
the  soothing  sounds  of  dassical  music  while 
you  leaf  through  a book  from  our  library5: 

Choose  between  a Blue  Lagoon  and  a 
blue  lagoon.  (One’s  a cocktail  in  the  dub  bar 
and  the  other  is  the  dub’s  12 -metre  pool, 
where  you  can  bathe  beneath  the  gaze  of 
marble  statues.) 

Or  sauna,  play  squash,  lift  weights,  use 
Nautilus  equipment,  be  massaged- even 
dance. 

Once  you’re  fit  for  dinner,  visit  a 
restaurant  that's  fit  for  a king;  the  hotel’s 
Oak  Room  has  a menu  as  extensive  as  the  j 
resident  pianist’s  repertoire. 

Latex;  take  in  a top  London  nightclub. 

Ours  is  called  the  Music  Room  and  you 
can  dance  there  into  the  wee  small  hours. 

Happy  in  the  knowledge  that,  when  you 
■want  to  get  off  to  bed,  we’ll  give  you  a lift 
right  to  your  door. 


fax  machines  and  full  secretarial  facilities. 


Together  with  a conference  suite  that 
seats  250,  where  the  latest  audio-visual  and 
The  New  simultaneous  translation  facilities 
Of  course,  it’s  not  all  fun  at  Piccadilly  Hotel  can  be  made  available  to  you  at  the 
The  New  Piccadilly.  touch  of  a button. 

We  have  our  own  purpose-built  f 1 If  you’re  not  too  busy  enjoying 

business  centre,  complete  with  telex,  yourself  elsewhere  in  the  hotel,  that  is. 

A GLENTLAG?  FSWtlVT. 

Piccadilly  London  TV2V  OBH.Tel:  01-73+  3000.  Teiex:  25795.  Fax:  01-43  7 35  74. 


*Pik»f»rT<— lipoWbWV'N.M  RoffcvbBi!  t Som  linM  «M  T ftan?<ri>radfrWuir*  Co  Unflrt  op  rfTfaaw Tl^WmTtfTMrwmnafTInM'TYralTTJ.iTlIyptTwwr^po.wtdr  fctfW  mfai  mjifcui  mminri  hiftb  Rftrrtftrtat. 


Latest  prices: 

Atlast  some  help  for  thehard  pressed  Imperial  shareholder. 

Mindful  that  share  prices  can  vary  daily,  we  are  publishing  a bulletin  showing  the  value 
of  each  of  the  offers  for  your  company. 

In  order  to  beperfectlv  fair,  the  values  weVe  quotedare  based  onthebestpossible  offers. 
Hanson’s  offer  closes  at  5pm  on  March  24th. 


HANSON  BID  WORTH: 


574 


UNITED  BISCUITS  BID  WORTH: 


HANSON  BID  BETTER  BY: 


Hgures  ba»ed  on  the  market  prices  at  5jQpm  on  Friday. 


H A N S O N T RU  S T 


CONTINUING  GROWTH  FROM  BASIC  BUSINESSES. 

The  \tktr*  1 mil'.  . LbOwI  EfeCBim'  nffm  dt|»nd  on  ihcirreapKUM-  pmn,Thr  Ibnvf  nffer  *»luwi  p-  for  Wimm  Tnm't  Mwtr  awl  CamwiiMg  Mort.  F.ltiinm  «mi  l 0;T 

Itie  olTpr jcoHitu  ol  csiniut&hi  KMirupiciiLiiLurUKtjimBi  Uienlenni  ardour;  Mure  pm**  BlUisHrt«i»ii‘eillble|n*ii  Jpd.nfHdBWBaitJ  Ihe  winoilihkprcIeiTedsiMttipfLiulCTiBtcailfc 


.|f . . I j,|  iTIH  I n ■ ,fc  **  “ ■ ■ < 

Financial  Times  Saturday  March  22  19S6 


FINANCIAL  TIMES 


THE  FUTURE  OF  AUSTIN  ROVER 


BRACKEN  HOUSE,.  CANNON  STREET,  LONDON  EC4P  4BY 
■fetegrams  finantimo,  London  PS4.Tetec  8954871 
Telephone:  01-2488000 


Saturday  March  22  1986 


for  the  open  road 


Mr  Lawson 


By  Kenneth  Gooding,  Motor  Industry  Correspondent 


and  the  City 


MR  NIGEL  LAWSON  did  very 
little  of  substance  in  his  Budget 
- on  Tuesday.  This  was  not 
necessarily  to  his  discredit;  the 
collapse  of  oil  prices  certainly 
took  most  of  the  wind  out  of 
his  sails.  The  fiscal  stance  was 
hardly  altered  and  the  Chan- 
cellor did  not  make  a serious 
effort  to  clarify  either  mone- 
tary or  tax  policy.  It  was  a 
curiously  un philosophical  Bud- 
get; Mr  Lawson  became  didactic 
only  in  order  to  emphasise  the 
unimportance  of  oil  to  the  UK 
economy  and  the  importance  of 
more  moderate  and  flexible 
wages.  For  the  rest  he  con- 
tented himself  with  a shower  of 
fiscal  changes  such  as  the  minus- 
cule cut  in  the  basic  rate  of 
income  tax  and  the  juggling  of 
excise  duties. 

However,  if  the  subsequent 
performance  of  bond  and  equity 
markets  is  any  guide,  the  City 
loved  the  Chancellor's  confident 
brand  of  laassez  faire.  The  only 
moral  to  draw  from  this 
rapturous  reception  for  a 
"do  nothing”  Budget  is  that 
the  City  was  thoroughly 
content  with  the  general  thrust 
of  government  economic  policy 
long  before  Mr  Lawson  stood  up 
on  Tuesday.  Whatever  the  bro- 
kers* circulars  may  have  said 
before  the  Budget,  the  last  thing 
the  City  really  wanted  was  a 
change  of  course.  Analysts  may 
find  the  Chancellor’s  ebullience 
a little  hard  to  take  but  few 
would  willingly  swap  him  for 
Mr  Roy  Hattersley  or  even  Mr 
Roy  Jenkins  who  presented  the 
Alliance's  alternative  policies 
on  television  this  week. 


Full  membership 


Some  would  argue  that  the 
City’s  vote  of  confidence  in  Mr 
Lawson  is  very  much  a mixed 
blessing.  What  is  good  for  fin- 
ancial markets  is  not  automatic- 
ally good  for  the  real  economy. 
The  point  often  made  is  that 
Chancellors  down  the  years 
have  tended  to  do  too 
much  to  mollify  the  City's 
“ teenage  scribblers  ” and  been 
insufficiently  sensitive  to  the 
problems  of  industrialists  in  the 
real  economy.  At  any  rate,  it 
is  hard  to  think  of  another 
powerful  country  where  the 
financial  community  exerts  such 
a strong  influence  on  finance 
ministry  officials.  Wall  Street 
for  example,  has  strongly 
opposed  the  Reagan  Administra- 
tion’s budgetary  policies  but  has 
been  able  to  do  very  little  to 
alter  them. 

At  the  moment  however,  the 
gap  in  perceptions  between  City 
and  industry  seems  quite  nar- 
row. Industrialists  are  not 
ecstatic  about  economic  policy 
-—with  interest  rates  at  11*  per 
cent  this  would  be  too  much  to 
expect — but  they  are  no  longer 
threatening  bare  knuckle  fights. 
A large  proportion  of  senior 
managers  interviewed  for  the 
Financial  Times  by  Marplan  this 
week  said  the  Budget  would  be 


good  for  both  their  company 
and  the  country.  The  one  sig- 
nificant change  of  course 
advocated  by  the  majority  was 
sterling's  full  membership  of 
the  European  Monetary  System. 
But  this  is  hardly  news  for  the 
Treasury. 

Industrialists'  support  for  Mr 
Lawson’s  “steady  as  she  goes" 
approach  doubtless  reflects  the 
strong  and  comforting  recovery 
of  corporate  profits  in  recent 
years.  As  the  status  quo  for 
those  companies  to  have  sur- 
vived the  recession  becomes  in- 
creasingly pleasant,  an  aware- 
ness of  the  risks  inherent  in  any 
change  of  course  becomes  in- 
creasingly acute.  The  thought 
may  be  that  things  could  easily 
be  much  worse.  What  is  depres- 
sing in  the  FT  poll  is  the  gloom 
cast  on  employment  prospects — 
55  per  cent  of  managers  inter- 
viewed by  Marplan  expect 
further  job  shedding  in  their 
companies  in  coming  months. 
Even  in  the  services  sector, 
more  than  half  of  those  inter- 
viewed expected  a fall  in 
employment. 

The  poll  does,  however, 
suggest  which  path  the  Chancel- 
lor should  take  if  he  wishes  to 
involve  industry  more  actively 
in  the  task  of  job  creation. 
Profit-sharing  is  in,  it  seems, 
and  direct  wage  subsidies  out. 

Only  advantage 

The  promise  of  talks  about 
profit-sharing  was  not  the  only 
Budget  announcement  designed 
to  promote  “ popular  capital- 
ism.” Much  discussed  since  has 
been  the  proposed  tax  incentive 
for  individual  share  purchase. 
The  initial  reaction  was  that  the 
tax  rules  governing  Personal 
Equity  Plans  were  not  overly 
generous.  They  hardly  matched 
France’s  Loi  Monory  because 
the  investment  would  have  to 
be  made  out  of  taxed  income. 
In  fact,  the  ability  to  roll  up 
income  and  capital  gains  in 
PEPs  is  more  attractive  than 
it  might  seem;  the  Chancellor 
is  effectively  proposing  "ex- 
penditure tax”  treatment  for 
such  savings. 

The  Chancellor’s  Budget  per- 
formance was  characteristically 
robust  But  the  speech  leaves  a 
number  of  unanswered  ques- 
tions. Tax  reform,  in  spite  of  the 
Green  Paper,  is  in  some  dis- 
array. It  might  help  if  Mr  Law- 
son  restated  his  commitment  to 
some  principle  that  would  be 
capable  of  guiding  policy  in  the 
medium  term'.  The  continuing 
uncertainty  over  the  thrust  and 
content  of  monetary  policy  is 
also  damaging.  Equally  worry- 
ing was  the  vigour  with  which 
Mr  Lawscra  chose  to  attack  the 
conclusions  of  the  Aldington 
Reoort  on  manufacturing  indus- 
try. ‘ In  spite  of  the  City’s 
euphoria,  it  is  not  easy  to  be 
quite  so  confident  as  the  Govern- 
ment appears  to  be  about  the 
strength  of  Britain’s  nan-oil 
economy  which  has  grown  by 
less  than  5 per  cent  since  1979. 


NEXT  WEEK,  the  parting 
of  the  ways  should 
become  official.  The 
Government  is  expected  to 
announce  the  sale  of  BL’s  Land 
Rover/Ley  land  commercial 
vehicle  division  to  General 
Motors,  leaving  Austin  Rover,. 
BL's  volume  car  business,  more 
or  less  on  its  own. 


The  way  will  then  be  dear  for 
Sfr  Graham  Bay,  Mrs  Thatcher's 
personal  choice,  to  take  over  as 
chairman  and  chief  executive  of 
a company  whose  performance 
and  prospects  continue  to  create 
political  trouble  for  the  Govern- 
ment. Mr  Ray  Horrocks,  BL's 
executive  director  in  charge  of 
cars,  believes  Mr  Bay’s  transfer 
from  British  Shipbuilders  is  a 
punishment  on  himself  far 
resisting  a potential  takeover  of 
Austin  Rover  by  Ford  of 
Europe. 

All  of  this  raises  two  impor- 
tant questions.  Is  Mrs  Thatcher 
justified  in  her  implicit  Condem- 
nation of  Austin  Rover's 
performance?  And  what  can  Mr 
Day  do  for  the  company  which 
has  eluded  the  present  manage- 
ment? 

It  is  Important  to  set  straight 
Austin  Rover’s  record  so  far. 

“ What  hurts  most  of  all  is 
the  way  Mrs  Thatcher  keeps 
giving  the  impression  Austin 


tomers.  suppliers  and  dealers 
believed  it  simply  could  not 
survive. 

Sir  Michael  Ed  ward  es  who 
moved  in  as  BL’s  last  chairman 
and  chief  executive  in  1977. 
based  his  recovery  plan  on  the 
notion  that,  above  all,  Austin 
Rover  needed  to  produce  cars 
which  people  actually  wanted 
to  buy.  This  was  his  "product- 
led''  revival  programme. 


though  Vauxhall  sold  more  cars 
in  the  UK  than  ever  and  had  a 
record  share  ofthe  new  car  mar- 
ket. 


of  £7 .5m  had  risen  to  one  of 
£22.5m. 


The  company  launched  one  of 
the  most  intensive  product- 
development  programmes  the 
industry  has  seen.  By  the  time 
tiie  Rover  800  executive  car  is 
introduced  this  summer.  Austin 
Rover  will  have  renewed  its 
model  range— from  the  smallest 
to  the  largest — in  the  space  of 
only  six  years. 


Austin  Rover's  financial  re- 
sults— while  still  showing  red 
ink— have  improved  substan- 
tially. It  has  faced  the  fact  that 
it  wilj  never  eame  a decent 
living  from  its  domestic  market 
alone,  has  begun  the  uphill 
struggle  to  improve  its  dealer 
network  on  the  continent  and  is 
poised  to  tap  potentially  lucra- 
tive markets  in  the  US  and 
Japan  with  the  new  executive 
model. 


Exports  rose  by  15  per  cent 
from  the  1984  level  to  more 


That  was  the  background 
early  last  year  when  the 
Government  and  the  BL  board1 
had  to  decide  whether  to  con- 
tinue with  Austin  Rover's 
engine  development-programme. 
Some  Government  advisers 
argued  that  Austin  Rover  would 
remain  too  small  to  justify  con- 
tinuing the  engine  programme 
and  that  the  company  should 
buy  from  Honda  or  another  out- 
side supplier  instead. 

We  have  still  to  learn  what 
is  in  BL’s  latest  corporate  plan 
or  to  see  Austin  Rover's  finan- 
cial results  for  1985,  but  Mrs 


the  Rover  and  MG  marques 
could  have  been  developed  as 
distinctive,  up-market  or  sporty 
models. 


To  save  some  time  and  de- 
velopment cost,  Austin  Rover 
linked  with  Honda  of  Japan,  at 
first  to  build  a "stop-gap”  mid- 
sized car  under  licence  and 
then-  in  a joint  venture  project,, 
the  Rover  800,  code-named  XX. 


AUSTIN  ROVER 


In  1979  the  company 
was  producing  cars 
customers  did  not 
want  on  outdated 
machinery  with 
strike-prone  workers 


More  joint  ventures  and  a 
plan  for  Austin  Rover  to  build 
some  cars  for  Honda  to  sell  in 
Europe  are  in  the  offing.  The 
company  wants  to  keep  the 
ability  to  develop  its  own.  en- 
gines, the  “heart”  of  any  car. 
Work  is  well  advanced  on  a new 
range  of  small  engines  called  the 
“K"  series.  At  the  same  time 
Austin  Rover  has  refurbished  its 
car  assembly  plants  at  Long- 
bridge,  Birmingham,  and  Cow- 
ley, Oxford,  harnessing  the 
latest  production  technology 
and  robotics. 


Mr  Horrocks  argues  the  mer- 
ger would  have  meant  fewer 
jobs  in  the  UK  motor  industry 
and  that,  given  time  and  the 
help  of  cars  like  the  new  Rover 
800.  Austin  Rover  can  develop 
alone  as  a producer  of  specialist, 
distinctive  models. 

There  is  also  the  question  of 
management  style.  Sir  Michael 
Edwardes.  when  he  left  in  19S- 
after  five  stormy  years,  had  put 
in  place  an  unorthodox  manage- 
ment structure.  It  reflected  as 
much  as  anything,  his  belief 
that  the  Land  RoverLeyland 
division  should  bo  separated 
completely  from  the  car  busi- 
ness— something  the  Govern- 
ment was  not  then  willing  to 
consider. 


please  everybody.  Many  Austin 
Rover  suppliers  complain  about 
the  way  he  treats  them — 
although  impartial  observers 
admit  that  much  of  the  abuse 
and  the  “firing"  of  suppliers  has 
been  justified. 


Others  question  whether  Mr 
Musgrove’s  approach  — "whip- 
ping people's  backsides  to  get 
the  cars  out  of  the  plant."  as 
one  put  it — is  the  right  one 
today. 

Whatever  happens,  Mr  Day' 
needs  to  act  urgently.  As  Mr 
Horrocks  points  out,  Austin 
Rover  is  being  badly  damaged 
by  the  uncertainties  surround- 
ing BL.  He  says  morale  in  the 
company  has  never  been  so  low 
during  his  eight  years  witb  BL 
and  Austin  Rover's  car  sales  are 
suffering. 


Rover  is  some  kind  of  black 
hole  into  which  taxpayers  must 
keep  tipping  money,”  a senior 
BL  executive  complains. 


Highly  flexible  equipment  en- 
ables the  company  to  break  even 
with  an  output  of  about  450.000 
cars  a year  and  to  earn  enough 
to  cover  all  future  product  de- 
velopment costs  when  annual 
production  reaches  650,000. 


Bl  1 1 I I I i .1.  1 -L J 15% 
as 77  *79  *81  *83  1985 


The  UK  Government  has 
provided  £2.2bn  to  BL  and 
because  of  guarantees  given  by 
ministers  in  the  past,  is  ulti- 
mately responsible  for  the 
group’s  £1.6bn  of  loans.  In 
total  that  is  “equivalent  to 
every  family  in  the  UK  contri- 
buting £200  to  BL,”  according 
to  Mrs  Thatcher.  But  not  all 
the  money  went  to  Austin 
Rover. 


Nearly  half  was  spent  on 
rationalising  and  proriding  new 
products  for  Land  Rover- 
Leyland,  and  putting  Jaguar 
back  on  its  feet 
■ In  any  case.  BL  has  not  taken 
one  penny  of  state  cash  since 
November  1983  and  the  board 
has  promised  it  will  never 
again  approach  the  Govern- 
ment with  a begging  bowL 

Austin  Rover  has  come  a long 
way  since  1979,  when  it 
struggled  to  find  the  money  to 
pay  the  weekly  wages  bill. 

At  that  time  it  was  producing 
cars  customers  did  not  want  on 
out-of-date  machinery  in  old 
facilities  with  a strike-prone 
workforce.  Its  cost  base  was  out 
of  control  and  productivity  was 
among  the  lowest  in  Europe. 

Its  financial  performance  was 
dismal — losses  were  running  at 
£25 0m  a year— and  many  cus- 


It  is  among  the  foremost  users 
of  computer-aided  design  and 
engineering  in  the  product  de- 
velopment area. 

Sir  Michael’s  struggle  to 
establish  “management's  right  to 
manage”  within  BL’s  car  divi* 
sion  had  a profound  effect  not 
just  on  Austin  Rover  but 
throughout  UK  manufacturing 
industry. 

Industrial  relations  also  im- 
proved dramatically.  In  1985 — 
admittedly  the  second  year  of  a 
24-month  deal  — the  Austin 
Rover  factories  were  virtually 
strike-free. 

The  management  claims  that 
output  of  14  cars  per  man  per 
year  puts  the  company’s  pro- 
ductivity on  a par  with  its  best 
European  competitors. 


Brand  Radovic 


All  this  was  achieved  at  a 
time  when  competitive  condi- 
tions in  the  UK  and  west  Europe 
car  markets  generally  were  the 
most  severe  in  living  memory. 
Most  volume  car  producers 
either  suffered  losses  or  at  best 
made  marginal  profits,  mainly 
by  exporting  to  the  US  market 
from  which  Austin  Rover  with- 
drew seven  years  ago. 

It  will  not  have  escaped  the 
Government’s  notive  that  GM’s 
Vauxhall  subsidiary  in  Britain 
saw  its  net  loss  soar  last  year 
from  £9.4m  to  £47.4m  even 


than  100,000  last  year  and  it 
will  he  disappointed  not  to  add 
another  15  to  20  per  cent  to 
overseas  sales  this  year. 

Critics,  however,  complain 
that  the  new  range  of  cars,  is 
solid  rather  than  outstanding 
and  . that  quality  . remains  sus- 
pect They  note  too  that  Austin 
Rover’s  UK  market  share  at  18 
per  cent  in  19S5  is  still  below 
the  20  per  cent  target. 

There  also  remains  an  alarm- 
ing gap  between  the  475,000 
cars  and  light  vans  Austin 
Rover  produced  last  year  and 
the  650,000  it  needs  to  achieve 
to  cover  future  product  develop- 
ment costs.  That  gap  will  not  be 
easily  filled. 

It  has  been  this  constant  nag- 
ging  gap  between  promise  and 
performance  which  has  bothered 
the  Government  In  1984,  for 
example,  just  at  a time  when  the 
company  should  have  been  head- 
ing towards  break-even,  the 
company  reported  that  a net  loss 


Thatcher  lias  seen  both  — and 
decided  to  call  in  Mr  Day  from 
British  Shipbuilders. 

A Canadian  lawyer  with  a 
reputation  for  turning  round 
ailing  companies,  Mr  Day  will 
inherit  a company  in  much 
better  shape  than  was  British 
Shipbuilders  when  he  took  that 
over  — or  CammeU  Laird  before 
it 


There  is  no  easy  option  of 
rationalisation  and  redundan- 
cies to  solve  immediate  prob- 
lems. All  that  has  been  done 
already  at  Austin  Rover,  still 
leaving  a fundamental  problem; 
it  has  a full  range  of  cars  with- 
out the  volume  to  justify  such 
a spread  of  models,  yet  lacks 
the  right  image  to  reduce  the 
range  and  become  a specialist 
car  producer. 

Ford  says  it  offered  one 
potential  solution.  The  com- 
bined groups  would  have  had 
an  annual  car  output  of  well 
over  lm  and  at  the  same  time 


BL  has  a part-time,  non- 
executive chairman,  70-year-old 
Sir  Austin  Bide,  the  former 
Glaxo  chairman.  It  also  has,  in 
effect,  two  chief  executives.  Mr 
Horrocks  for  the  car  operation 
and  Mr  David  Andrews  for  com- 
mercial vehicles.  The  two  chief 
executives  are  the  only  full-time 
directors  on  the  six-strong  BL 
board. 

As  non-executive  chairman. 
Sir  Austin  has  achieved  what 
was  thought  inmossible  in  the 
wake  of  Sir  Michael:  he  has 
managed  to  remain  almost  out 
of  the  public  eye,  putting  in 
appearances  only  at  the  BL  an- 
nual meetings. 

Whatever  his  other  attributes, 
he  lacks  communication  skills 
and  has  held  back  others  within 
BL  who  wanted  to  speak  up  in 
the  company’s  defence  after  the 
arguments  with  the  Government 
became  public  knowledge.  . 

Mr  Day,  at  52,  is  reasonably 
young,  remarkably  energetic,  at 
ease  with  the  media  and  might 
put  his  ability  to  good  effect 
on  Austin  Rover's  behalf.  He 
cleared  his  diary  for  two  whole 
days  to  talk  to  press  and  tele- 
vision after  the  announcement 
of  his  appointment.  Four  years 
before.  Sir  Austin,  whose  most 
outstanding  trait  is  his  unobtru- 
siveness, was  typically,  “ not 
available  for  comment.” 

Once  the  commercial  vehicle 
operations  have  been  sold  off, 
Austin  Rover  will  account  for 
more  than  90  per  cent  of  BL. 

There  will  not  then  be  room 
for  two  chief  executives,  which 
suggests  Mr  Horrocks  will  be 
leaving  shortly  after  Mr  Day 
moves  in.  (Mr  Andrews,  BL’s 
other  chief  executive,  has  in 
effect  removed  himself  from  the 
scene  by  leading  the  consortium 
attempting  to  arrange  a man- 
agement buy-out  of  Land 
Rover.) 

It  must  also  be  open  to  ques- 
tion whether  Mr  Harold  Mus- 
grove,  chairman  of . Austin 
Rover,  will  want  to  stay  on 
because  his  role  will  also  be 
usurped  by  Mr  Day. 

Mr  Musgrove,  who  joined  the 
old  Austin  Motor  company  at 
Longbridge  as  a 15-year-old 
apprentice  in  1945,  likes  to  give 
the  impression  he  chews  six- 
inch  nails  for  recreation  and 
his  abrasive  style  does  not 


Mr  Dan  Jones,  senior  research 
fellow  at  the  University  of 
Sussex’s  Science  Policy  Re- 
search Unit,  agrees  that  Austin 
Rover's  future  must  be  settled 
quickly  so  that  it  can  have  a 
period  of  stability.  He  says  Mr 
Day  should  take  over  "sooner 
rather  than  later  so  he  can  lookf- 
a round  as  fast  as  possible  lotF* 
the  strengths  and  weaknesses 
and  make  up  ids  mind  as  soon 
as  possible.” 

According  to  Mr  Jones,  >Ir 
Day  will  have  to  address  two 


Whatever  happens, 
Mr  Day  needs  to  act 
urgently.  Austin 
Rover  is  being  badly 
damaged  by  the  un- 
certainties over  RL 


key  issues.  First,  the  quality^* 
of  the  Austin  Rover  cars. 
“Quality  should  be  built  into 
cars  from  the  bottom  up  and  ail 
the  way  through  the  production 
process,  not  dealt  with  at  the 
end  of  the  assembly  line,”  lie 
says. 


Then  Mr  Day  will  have  to 
“find  a distinctive  and  desirable 
image  which  sets  the  cars  apart 
from  those  of  the  competition.” 


But.  Mr  Jones  points  out,  it 
will  not  be  possible  "to  turn 
Austin  Rover  into  a BMW  oyer- 
night  It  will  take  time.” 

Prof.  Gary!  Rhys,  professor 
of  motor  industry  economics  at 
the  University  of  Cardiff, 
suggests  that  on  a wider  front 
there  are  only  two  options' 
open  to  air  Day:  to  stay  with 
the  existing  long-term  strategy 
and  build  on  the  links  With 
Honda  while  maintaining  a 
vestige  of  independence  for 
Austin  Rover,  or  look  for 
another  company  to  take  over 
Austin  Rover. 


"Really  the  only  feasible 
strategy  is  the  one  in  place, 
which  seems  to  be  working,” 
says  Prof.  Rhys.  “If  he  intro- 
duces uncertainty  into  the 
Honda  deals  and  Honda  walks 
away,  all  he  could,  do  would 
be  to  sell  Austin  Rover  to 
someone  else.  So  he  should 
sign  the  new  deals  with  Honda  if 
as  soon  as  possible. 


Woman  in  the  News:  Sarah  Ferguson 


The  Royal  play’s  the  thing 

by  Margaret  van  Hattem 

"WHAT  DO  I do?  the  Prmce  And  The  T^rnes  came  up  with  the  tennis  court”  (the  Mail);  appaen 

_ ® philosophical  essay  by  one  that  she  drives  a BMW.  lives  any  pr 


must  have  said  to  himself  when  a philosophical  essay  by  one 
the  newspapers  began  to  specu-  J.  Enoch  Powell,  on  the  Consti- 


the  tennis  court”  fthe  Mail);  appaent  impossibility  of  having 
that  she  drives  a BMW.  lives  any  private  relationships. 


late  about  his  romance.  The  tution  and  the  Royal  Consort, 
stronger  the  attraction  grew,  which  explored  that  “ most 


the  more  difficult  it  became  for  delicate  judgment  — how  far 
him.  with  a flood  of  gossip,  might  the  constitutional  integr- 


embroidery  and  sheer  invention,  of 


And  what  could  she  do? 


monarch’s  position 


appear  to  be  diminished  by 


Eventually  he  turned  to  his  words  and  acts,  political  or 
friends  and  one  of  them  sprang  personal,  of  members  of  the 


into  action,  arranging  with  all  monarch’s  family  through  all 
the  proprietors  of  the  popular  the  degrees  of  propinquity. . . .” 


press  that  nothing  more  would 
appear. 


It  ended  with  a stern  admo- 


v„  oithm:  the  nation  depended  on 


XJU1U  ucavci  ULUUA  I.1J1IIU  cl  *• 

nmcc  ill.  .Mala  stand  the  British  “ devotion 


press  and  the  affair  between  Ef 
Wallis  Simpson  and  Edward  £anne*a»  ed 
vni,  as  the  Prince  of  Wales  manners- 
had  by  now  become,  continued  But  these  we 


explored 


But  these  were  lone  voices. 


the  Mr  Powell,  the  Americans,  and 


Atlantic  in  scurrilous  detail.  possibly  some  of  the  Duke  of 


Some  things  have  changed  in  Edinburgh’s  German  nieces  and 
the  past  50  years,  as  reactions  nephews,  may  yearn  for  the 


to  this  week’s  announcement  of  mystique  — a mystigue  that 
a royal  engagement  have  shown,  began  to  build  up  around  the 


There  were  a few  quaint  British  Royal  family  in  the 
echoes  from  the  past  Burke’s  "tier  haM  of  the  last  century. 


Peerage  for  example.  "For  the  ®n<*  slowly  to  disperse  in  the 
the  first  time,”  it  wailed,  “the  d£cades  that  followed  the 


brother  of  a Prince  of  Wales  abdication. 

will  be  marrying  a girl  whose  Most  of  the  British  seem 


Price  Andrew  was  lucky:  the 


particularly  Press,  it  seems  were  slow  to  dis- 


Profits  exceed  £50m 
-a  record 


bright)  and  so  on  and  so  on. 


happening. 


For  many  weeks  now,  the  Once  the  discovery  was  made, 
public  prints  have  been  loud  a)l  hope  of  privacy  seems  to 


with  references— both  coy  and  have  ended.  As  he  put  it, 
explicit — to  the  previous  loves  ralher  wistfully,  in  the  in  the 


of  the  prince  and  his  bride-to-  television  interview  this  week: 
be.  It  would  have  been  idiotic  - Quite  a ]ot  went  on  before— 


to  attempt  to  conceal  his,  con-.  }n  facj  rather  more  than  went 
ducted  a s they  were  in  a blaze  on  after-» 


of  publicity.  And  there  has  been 
surprisingly  little  effort  to 


But  that,  evidently,  was  a 


conceal  her  past  affairs.  But  matter  of  entertainment,  not 
who  minds,  and  who  is  to  judge?  morality.  And  it  gives  a clue 


During  the  abdication  crisis  as  to  what  the  British  do  expeet 
when  Geoffrey  Dawson,  editor  °f  their  Royal  family.  Perhaps 


of  The  Times.  Cosmo  Gordon  what  they  raost  want  is  that 
Lang,  Archbishop  of  Canter-  they  sohuld  be  worthy  and 


Turnover 

Profit  before  taxation 
Return  on  capital 
Earnings  per  share  - nil  basis 
Ordinary  dividends  per  share 
Net  borrowings 


1985 
£555.8m 
£50. 6m 
21.5% 
20.9p 
6.5p 
£36.9m 


bury,  and  Stanley  Baldwin,  the  accomplished  players  in  an  old 
Prime  Minister,  set  themselves  an^  familiar  play. 


1984  , 
£590.2m 
£45.7m 
18.1% 
17-Op 
4.5p 
£72.6in 


up  as  arbiters,  no  one  dreamt  Except  for  the  heir  to  the 


of  challenging  their  right  to  throne,  they  may  choose  from 
do  so.  a wide  variety  of  parts  and 

theatrical  traditions— from  Re- 
rhirfS  wSS?  E storation  comedy  to  Edwardian 
pantomime,  if  they  wish.  _ The 


Runcie  and  Margaret  Thatcher.  fi“een  MotVier  Princes  Anne 
rn.to.au  unlikely  triumvir-t..  ^“nessM0,^ar«  Prmce5s 


SJKJU2S  SaJ”*  2EE-3E?  define‘I 


will  be  marrying  a girl  whose 

Vho  TWoiV  *£adi'  bappy  enough  to  dispense  with 
fam'15r-  been  it — Lf  indeed,  for  ail  their  love 


0I^1Odt0hL’  but  well-  0f  theatre,  magic  and  mystery, 
m t^e  national  they  were  ever  taken  in  by  it. 


being  impressed  by  them. 

rp,  i - , , Prince  Andrew.  it  seems,  has 

l ne  Times,  barricaded  Benina  ___ 

barbed  wire  in  Wapping.  is  not  £ 


kingmaker  it  was  The  best-loved  roles-one  which  has 

Kin^ma.Ker  11  was-  l . nutfinn  flrtnrl  nntir>0C  tnr 


press. 

Whatever  could  that  mean? 
The  transatlantic  voice  on  the 


play.  (Well,  almost  anyone— it  Church,  with  its  controversial  b<?eii  Bating  goo d notic es  for 


W.,  miuuok  Vint 11  V/UU1  III,  W 1U1  115  VUIllJUVtiaittl  enA  ...L-i-l, 

The  acres  of  prose  in  the  may  help  to  be  descended  from  reports  on  inner  cities  and  natirS 

popular  press  in  the  past  week  the  Stuarts,  to  be  a family  nuclear  disarmament,  not  to  ^wtoo  intne  nauon  s 


other  end  of  the  telephone  was  suggest  that  there  - is  still  a friend  of  the  Windsors,  and  if  mention  its  even  more  contro- 
distinctly  huffy.  "There  have  market  for  fantasy,  but  that  is  the  value  ofthe  family  acreage  versiai  Bishops,  seems  to  have 


been  six  previous  romances  in  not  quite  the  same  thing.  It  is  runs  into  six  figures.) 


six  years,”  it  said.  “And  it's  as.  thou 
dear — there’s  no  question  about  existed 
it— they  were  far  more  than  oi 

Victorian  in  nature.”  The  Ger-  elegant 
man  cousins  didn’t  like  it  one  slothful. 


as  though  the  Royal  Family 


existed  to  live  out  the  fan-  a*  pains  to  stress  that  the 
tasies  of  the  people— to  be  as  prince’s  bride-to-be  is  “a 


extravagant, 

lecherous, 


friend  of  the  Windsors,  and  if  mention  its  even  more  contro-  „tr 

the  value  of  the  family  acreage  versiai  Bishops,  seems  to  have  anonymous  Irish,  poet  once 

runs  into  six  figures.)  lost  interest  in  conventional  wrotc: 

So  the  columnists  have  been  centres  of  power.  As  for  Don’t  talk  of  your  alien 
at  pains  to  stress  that  the  Mrs  Thatcher,  the  WcsUand  Minister 

Prince’s  bride-to-be  is  “a  affair  appears  to  have  dulled  )Vor  his  Church  without 


1 Another  year  of  strong  performance 

1 Fourth  successive  annual  increase  in 
earnings  per  share 

Cash  flow  of  £35m 

Dividend  for  the  year  increased  by  44% 

Market  capitalisation  has  risen  by  a 
multiple  of  five  since  1981  to 
exceed  £300m 


ssaocwBfii 


* n;!»v 

■•-Hit  * 


.... 


the  voice  added  gracious  or  adored  as  we  would 


darkly.  It  was  not  "the  type 
of  Royal  weddng  the  world  has 
expected  of  the  House  of  Han- 
over and  the  House  of 
Windsor." 


all  be,  bad  fate  treated  us 
better. 


rude,  modem  young  Englishwoman  even  her  appetite  for  moralising 
who  works  in  a London  office"  in  public, 
would  (the  Times);  that  her  clothes  If  public  standards  of 


“are  not  cut  out  to  come  across  morality  are  closer  to  private 
looking  chic  enough  in  pictures"  standards  today  than  they  were 


Don’t  talk  of  your  alien 

Minister 

Nor  his  Church  without 

meaning  or  faith! 
The  foundation  stones  of 

its  temple 

Are  the  bollocks  of  .. — 

Henry  V1 

Prince  Andrew  and  IW 


Geoffrey  Wilson  Chairman 


V : - 1b>-  . J 


id-  Hence  the  selling  point  oP  (the  Standard):  that  she  is  “a  50  years  ago,  there  are  compen-  Prince  Andrew  and 
of  this  week's  royal  engagement  is  good  swimmer  and  will  give  any-  sating  difficulties  for  the  Sarah  Ferguson  should  do 
the  sugestion  that  anyone  can  one  a run  for  their  money  on  modern  prince.  Not  least,  the  well. 


IcV-LJ 


Ktrical  equipment,  fluid  controls,  metals,  industrial 

pics  of  iAc  annual  report,  uf  which  the  above  is  an  extract  mil 


ulabte  after  7 th  April  horn  TlieSecntary,  DdtaGmuo  dl'c. 
un&may,  London  6XF. 


vr-  " • ' . 


W--.  \ . 


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!e 

iustiseJ- 

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a,f‘‘>'Pr  k 

ct  tht  >tr- 


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'Wisbrin,, 


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tai!Iti«  ovbii 

,iW;;  na*  ^ 
■.lB,"a  kf, 

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■ *'  v .:!  Li? 

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\ ■•.]■  r;r^- 
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■■-  :‘.'Tcr  b’s: 

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'•j;./  •:.»  **- 

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7;l.rr.  1:  fe* 

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• 1;  ,-a  tl«id  * ■ 

■';.!  .isaS* 

. ,.:i  :o'*‘  .. 

• ■-  a-"!- 


Z\  V cr-n 

^ 5 E*1 


Aid  reaches  the 
poverty  line 

JohnEIliott  recently  in  Orissa,  sees  how  an  Indo- 
; British  project  is  helping  small  farmers 

SANDHYA;  - an  18-yw-ald  uro  fertiliser  sciontlficaHy.  to  Puri,  famous  for  lis  intrira 
bride  in.  the  eastern  Indian  rotate  crops  nr.il  :u:r..*?unes  tu  curved  IShh  century  11 


&*sm 


*•  . . -v.  X . 


:r- 


■r“nite  . 

'*)*  Un  x*  i 
«5fh-.tu  ^ A,- 


X’& 


-r^ 


*-sB*:*’ 

•I--''  •', 


slat**  of  Orissa,  had  the  priii. 

cflly  sum  of  Rs  2.500  (£150) 
spent  on  her  wadding  recently 
and.  according  .to.  her  -brother, 
married  a better  Mian  than 
. would,  haw*  boon  possible  a year 
ago.  Her  family  is  al.xn  busier 
r.-ii  now  and  tiiu  brut  Sic*-. 
F rad  tan,  has.Bs  20  a i»t<nth  to 
spend  nr  his  local  calif  gt.-. 

They  are  one  of  the  x-iuv« 
of  a il3.7m  m-f.-y.-ar 
ftindrd  agncultunil  critic  •!■  inn 
project  in  Orissa  and  five  o*h«*r 
Matos  in  eastern  India.  The*.* 
.-.r-.-as .have  yet  to  cafch  up  with 
the  green  rcvobrlinn  nj- 
northorn -slates  likrs  Ihe  Punish. 

Tiie^'  lack  ai!nqiiat.o  irritwiinn. 
do  nol  use  fertiliser.',-  efllriirnliy 
and  trill  have*  priority  tn  the 
rtovermuent’s  new  aRricultural 
pul  ivy  now  bning  drawn  up. 

Even  the  smallest  farmer 
with  only  an  acre  nr  twn  of 
poor,  unirngated  land  ix  no-*- 
bi-tng  Diotivated  and  educated  tn 

TV'EDDINR  DAY  in  llic 
Cheshire  village  of  JVrxfhury. 
If.  miles  from  iho  centre  of  the 
Greater  Manchester  conurba- 
tion. Now  KolLs-Royces  line  l in* 
roadside  outside  the  carpeted 
parish  church  or  St  Peter.  Th« 
receptionist  at  the  Bridge  takes 
bookings  lor  dinner,  a dish  of 
pan-fried  prawns  priced  at 
£11.50  on  the  clegnnt  menu. 

At  the  estate  agent  across  the 
road,  near  the  Turbo  Bentley 
with  the  Manchester  United 
scarf  draped  across  the  rear 
shelf,  a “sold"  label  obscures 
the  photograph  of  one  of  the 
most  cjrpensive  homes  ever 
bought  in  the  village.  A local 
man  paid  £375,000  for  the  six- 
bedroom,  eight-acre  Norm  anion 
Hall. 

In  a rather  vulgar  and 
exaggerated  way  Prestbury 
epitomises  the  wealth  or  the 
northern  shire  counties  which 
permeates  into  ' the  softer 
suburbs  of  the  towns  and  cities. 

Right  across  the  north  these 
countryside  communities  look 
better  than  over  before  and 
those  with  money  now  have 
more  of  it.  The  trouble  is  that 
only  a minority  of  the  North's 
loot  people  live  and  work  in 
these  semi-rural  havens  of 
affluence. 


A penalty  on 
marriage 

From  Mr  M.  Vince 

Sir, — I read  with  interest  the 
comments  (March  19)  on  the 
Budget.  All  your  writers,  how- 
ever. appeared  to  miss  an 
important  viewpoint  on  taxa- 
tion policy,  specifically  that 
taxation  should  not  be  u factor 
in  personal  decision-making. 

For  example  I was  hoping  for 
a reform  of  mortgage  tax  relicr. 
Whether  mortgage*  tax  relief 
should  be  extended  or  abolished 
is  an  economic  and  political 
argument  which  is  frequently 
debated  and  is  an  argument  { 
do  not  currently  wish  to  join. 
It  needs  changing  however, 
because  of  one  serious  defect. 
A brief  description  of  my  per- 
sonal situation  well  illustrates 
the  point. 

I am,  as  arc  increasing 
numbers  of  other  people,  in 
the  position  of  buying  a pro- 
perty with  a fiancee.  In  today’s 
housing  market  this  requires  a 
substantial  mortgage,  in  my 
case  £60,000.  If  my  fiancee  and 
I stay  single  we  are  both 
entitled  to  £30,000  of  relief,  but 
if  we  marry  we  arc  only  entitled 
to  £30,000  of  relief  between  us. 
Thus  marriage  leads  to  an 
increase  in  our.  joint  tax  bill 
of  £95  per  month,  hardly 
insignificant- 

Why  should  taxation  be  such 
a major  factor  in  deciding  to 
marry?  There  can  be  no  political 
or  economic  rationale  for  a 
disincentive  to  marry  which 
afreets  only  those  who  are 
enjoying  average  or  above 
average  earnings.  Must  we  wai* 
for  the  reforms  outlined  in  the 
Green  Paper  before  there  is  any 
hope  of  a more  equitable 
treatment? 

Mike  Vince. 

43  Him  ley  Green, 

Linslade, 

Leighton  Buzzard,  Beds. 

General  Motors 

and  Leyland 

From.  Mr  .V.  Marfan, 

Sir.  — I do  not  agree  with 
lhe  proposition  that  the  best 
way  of  safeguarding  employ- 
ment in  Land  Rover  and  Ley- 
land  Vehicles  is  to  sell  fbejn 
off  to  a multi-national  motor 
manufacturer. 

While  it  may  be  true  that 
the  financial,  marketing  and 
distributive  resources  that 
such  a purchaser  could  moke 
available  to  Land  Rover  would 
ensure  its  future  os  a four- 
wheel  drive  vehicle  producer, 
there  could  be  no  guarantee 
that  development  and  produc- 
tion would  remain  in  this 
country  rather  than  being 
transferred  to  the  US  or  some 
oihcr  production  centre  such 
as  Spain. 

The  experience  of  Jaguar 
show®  what  can  be  achieved 
in  .similar,  circumstances,  with- 


fertiliser  scientifically,  to 
rotate  crops  and  Miir.etuncs  !u 
use  bish  yjpJd  varieties. 

Travel! mg  aero-?.  i)ie  flat 
sr»*y.j»r»Tn  co.i-ts!  plains  of 
Ons.a.  in,*  proiL-Ll--.*  fi.-M-i  leap 
fliir  a ; hr.gh!  ;r;-.  n wrll-i ended 
spJjsbcs  ui  colour. 

It  a country  viiicre  builock- 
drjswn  cart.,  ais-J  jduueii::  plod 
a-.-siVxs  :hu  tii.iinly  diy  xml. 
N.ik-'d  children  p!a"  »n  unmade 
rojtlf  leading  :*i  r^r.mte  village:* 
ansi  local  women  working  near 
ihi-ir  mud  and  stum-  homes  pull 
fh«*ir  Iriuse  saris  around  their 
shoulders  as  .-r,:v  foreign  \ixi- 
lor-  drive  by. 

The  people  ho  »»n  the 
poverty  ’rr.r.  Thi-rt*  is  a per- 
manent n d:  of  financial  disaster 
if  crops  are  Jm  j.y  lack  of  rain 
or  Jiy  a fj'*.. » j|j,>  hrmvn 

plant  hopper.  m#w  •■riling  its 
way  through  rice  fields. 

The  I’radhan  f.imiiy  lives 
wjtb  HO  riher  farming  hni/s»*- 
hold-.  in  Sadana.idapur  village 
i*i  the  roa  tal  <iris-.a  ilistrici  of 


Puri,  famous  for  its  intriraicly- 
curved  12lh  ccniur>’  Hindu 
tcmplcu.  Last  year  the  Prad- 
hanx  invested  KsZtio  in  extra 

Mib.sidised  fertiliser  (nr  two  of 
the  three  acres  they  farm.  They 
reaped  Rs2,OUO  m extra  proiil-,. 

fa  remain.^  lo  he  .seen  how 
long  they  will  continue  to  apply 
the  right  fertiliser  in  the  right 
quantities  once  the  subsidy, 
which  is  only  paid  for  a year, 
i.s  removed.  But  last  year  their 
new  riches  helped  to  linanee  the 
wedding  festivities.  ’•  f couldn't 
have  got  my  sister  so  gaud  a 
man  for  such  money,"  says 
Pradhan. 

Recently  he  also  collected 
two  iuics,  a spade,  and  a ccrlili- 
calf— prizes  for  good  nee  pro- 
duction from  Mr  Tony  Peers, 
chief  agricultural  adviser  at  the 
CJK's  Overseas  Development 
Administration. 

Known  as  the  Tndo-Rriiish 
Fertiliser  Education  Project,  the 
aid  scheme  could  eventually 
have  an  impact  on  2.5m  to  3m 
people  in  the  six  states.  In  its 


first  five  years,  ttuw  ending,  il 
has  directly  involved  SW.nftO 
people  in  40,000  hourehalds 
fanning  175.U00  acres  m one- 
year  ilematislralinns.  soil  lost- 
mg.  and  30  per  cent  ferliliser 
subsidies. 

The  UK  is  soon  expected  tn 
approve  a second  five-year 
phase  crating  £23m  tu  £‘J5m 

frnm  its  total  annual  a;ri  alloca- 
tion to  India  of 

This  reflects  the  Britr-h 
Gnverii mini's  growing  interest 
in  proiiiiing  aid  in  developing 
vountrii-%  for  small-scale  prob'cl:! 
which  directly  a/Ti-cf  neople  and 

the  economy  instead  of 
financing  things  like  steelworks 
and  dams.  The  ODA  regards 
the  fertiliser  project  as  one  of 
ir.s  best  focused  and  most  effec- 
tive schemes.  New  ground  was 
broken  when  it  was  launched  in 
1981  hcr.iu.se  it  employs  only 
Indian  agriculturalists,  scientist s 
and  manager,,  and  dn^s  im{ 
involve  any  British  technology 
exports, 

"Our  success  partly  is  that 
we  have  realised  our  limitations. 
This  is  uoi  a country  «f  rapid 
c-liang«*  am!  we  must  move  at 


a pace  the  farmer  can  under* 
-t.ind.  V.V  must  also  keep  !i:s 
J‘;xfc  to  n ininmmm— i:e  ss 
-c.ii  >*d  i»f  rnk  because  of  its 
fiu-mi ki!  implications  and  knows 
it  hrtii-r  than  we  do,"  says  Mr 
Perry. 

Although  some  other  aid 

ngi-m  ii  s ie3tnfl  it  as  an  civt*r- 
cr-.pensi  i-  prujert.  .Mr  K. 
Sijniv.ixjn.  Oni^a's  wattr.i4- 
Mi'iier  tor  agricultural  pmd'.u-- 
t-r,n.  - a*  • • “ I"  you  rate  the 
i*tTmeru->  hy  the  un:t  of  currency 
-pent  ; n I'elatiun  ;•.»  the  benefit 
r',u  ic-,(i  |»v  i he  jvviji.enl,  tins 
is  til--  ti'-ji  y.e  have  ;n  the 
at  aii-." 

The  Wiislc!  Bank  is  setting  up 
a hro.ul  -r-h.ii.-vj  iramng  and 
vssii  -elie'iif.  ii  is  much  larger 
and  i , .pread  more  tir.niy  than 
tin*  ODA  pruieet.  covering  the 
whole  of  Oris  a with  MW 
"vill:ige-vi-:iing  ag.'iculliira!  e;:- 
ti'iisiiin  workers  qualified  with 
diplomas,  hacked  by  S05  grad- 
uate .sjlctiiaiiHts, 

This  naming  and  visit 
method,  win 're  an  expert  turns 
up  in  a village,  gives  snnn?  agri- 
tuliural  advici*  for  a few  hours 
and  goes  nwiy  for  two  weeks  nr 
so.  has  many  critic.-  and  i<  sum* 


times  termed  lhe  " lunch  and 
vanish"  scheme. 

Backed  up  by  monitoring 
learns  from  the  L'K  cwry  tix 
months.  Use  ODA  proicrt  is 
more  intensive  and  makes  use 
of  India’s  over-supply  ol  gradu- 
ate*— a spL-eial  iartdr  which 
experts  think  might  make  the 
proiPrt  riifTinilt  to  replicate  in 
olhei'  tountries. 

One  third  »>:'  "no 
who  .spend  all  their  June  Jiving 
in  Hi?  viUag??  i:rr  ;■  MSe  degrees 
and  ’he  r<*.q  1m-c  R.sci.  Tl!*';- 
are  ealled  rim-tor  ay.ronoT.isis 
and  have  an  aiciag**  ag.-  of  35. 
The  r»-'t  of  the  Cllu  field  Mali' 
are  at  least  as  well  qualified. 

All  are  . seconded  from  tin* 
Calcutta-based  and  he;;-,  ilj  over 
manned  Hindustan  Feriile-er 
Corporation.  Though  a mainr 
loss-maker  (RsTOOni  or  £42m 
tosses  last  year  on  !Lcl.54bn 
sales)  the  corporation  has  built 
a reputation  over  15  year;  for 
its  fertiliser  education  projects. 

Ti'.e  aim  is  to  speed  up  hy  at 
loaM  six  year*,  and  maybe  as 
much  as  15  years,  ill.'  m-ieniifir 
applirnijon  of  fertiliser  in 
irrigated  area--.  This  is  now 
Ming  extended  in  !inn  uiih 


Stale  bread  and  pan-fried  prawns 

Nick  Garnett  looks  back  on  five  years  as  our  Northern  Correspondent 


Fifteen  mi  miles’  drive  north 
of  Prestbury.  the-  motorist  hits 
liie  wikemp:  y.praivi  of  Britain's 
second  largest  conurbation.  A 
century  and  a haif  ago.  Greater 
.Manchester  was  the  world  hig- 
hest gathering  of  manufacturing 
puivcr.  Now  u w the  subject  of 
West  German  TV  film  "The 
Death  of  a British  City."  In 
the  clinical  sense  the  city  of 
Manchester  at  the  corr  of  the 
conurbation  is  neither  dead  nor 
dying— but  the  disparaging  title 
reflects  what  many  outsiders 
see  as  the  physical  decay  and 
poverty  of  its  working  dass 
districts. 

The  visitor  can  be  easily 
forded.  The  small  signs  of 
urban  regeneration,  in  a city 
like  Manchester,  the  £20m 
exhibition  centre  that  opened 
recently  in  the  impressive  but 
once  rotting  hulk  of  a St 
Fancras  look-alike  railway 
station,  the  recently  revamped 
stock  exchange  and  the  £25,000 


bright  red  AC  Cobra  replica 
with  chrome  sidepipes  for  sale 
at  Bauer  and  Mi  Del  is,  are 
testaments  tn  some  sort  of 
vibrancy.  The  flashy,  money- 
making Manchester  mafia  lives 
on. 

Bui  many  of  the  North's 
cities  and  towns  are  as  much 
characterised  by  large  expanses 
of  faceless  housing  encasing 
behind  closed  doors  a depth 
of  deprivation  unimagined  in 
the  boom  years  or  lhe  1960s 
and  early  1970s.  The  housing 
estates  in  Middlesbrough  like 
Nethcrfields  and  Thorntree 
where  male  unemployment 
runs  at  over  90  per  cent.  The 
tiny  shops  in  Bradford  selling 
cheap,  two-day-old  bread  for 
consumption  by  those  whose 
packets  will  not  stretch  to  a 
fresh  loaf. 

Small  rctailprs  in  the  bleak 
concrete  shopping  square  of  the 
norlh  eastern  new  town  of  New- 
ton Aydiffe  offer  deals  on  items 


Letters  to  the  Editor 


| out  resorting  to  a multi- 
i national  sell-out. 
i The  real  issue  is  what  to  do 
with  Leyland  Vehicles.  My  feel- 
ing is  that  unless  the  govern- 
ment is  prepared  to  keep  sup- 
porting it  in  the  face  of  con- 
tinued adverse  market  condi- 
tions, it  will  not  survive  long 
in  its  present  state  no  matter 
j who  owns  it. 

Nick  Martin. 

19  Brayburne  Avenue,  SW4. 

Pension  fund 
surpluses 

f From  Mr  R.  Morgan, 

i Sir.— As  pension  funds  arc 
; now  to  be  required  under  the 
! Budget  proposals  to  dispose  of 
i excessive  capital  accumulations, 
j those  pensioners  whose  pensions 
! have  been  eroded  by  inflation 
I should  press  their  MPs  lo  see 
! that  the  Finance  Bill  is 
! amended  as  necessary  to  make 
; the  restoration  of  the  original 
1 purchasing  power  of  their  pen- 
i bions  a prior  charge  on  any 
j excess  funds,  before  any  other 
form  of  disposal  is  allowed. 
After  all.  what  is  the  prime  . 
purpose  of  any  pension  scheme? 
Reginald  A.  Morgan. 

U Beestou  Fields  D rivcK 
Beestou,  Nottingham* 

Affording  to 
[ work 

( From  Mr  P.  Bennett  , 

Sir, — I read  with  interest  the  ! 
report  (March  14)  on  the  I 
lecture  given  by  Professor : 
Laj-ard  of  the  London  School 
of  Economics  and  hope  that 
you  will  allow  me  to  comment. 

Most  of  the  proposals  as 
reported  are  sound  hut  the 
suggestion  that  300,000  jobs 
could  be  created  at  £5,000  per 
annum  each  "to  renovate  the 
urban  interface”  warrants  at 
least  on'c  query  which  is.  quite 
simply,  who  is  going  to  fill 
those  johs?  As  an  employer 
! described  as  " insane  to  create 
jobs  in  the  city  or  Sheffield" 

I have  met,  on  more  than  one 
occasion,  M long  term  un- 
employed” who  cannot  afford 
to  take  a full-time  job  at  less 
than  £1S0  per  week  gross  in 
order  to  receive  the  same 
amount  as  they  can  get  "in 
the  hand"  with  unemployment 
benefit,  supplementary  benefit 
and  “black  economy  jobs." 

To  silence  those  who  would 
suggest  that  such , a person 
must  have  a young  family  etc, 
etc,  I am  well  acquainted  with 
one  person,  an  unemployed 
labourer.from  one.  of  Sheffield's 


works  (not  the  steel  industry) 
and  now  closed  down  partly, 
dare  1 suggest  it,  because  the 
company  had  been  forced  lo 
pay  employees  of  his  calibre 
some  £4  per  hour  over  4 years 
ago,  who  would  not  accept  a 
job  with  my  company  because 
he  could  not  afford  to! 

For  that  reason,  together 
with  the  fact  that  expectant 
and  nursing  mothers,  women 
and  students  can  all  go  on  the 
dole,  makes  any  comparison 
with  the  1930s  completely 
untenable. 

P.  A.  Bennett, 

Abgroup. 

Sanderson  St. 

Sheffield,  Yorks. 

J Queueing  for 
tunnels 

From  Mr  R.  Johnstone 
Sir, — Mr  Taylor's  family  from 
Birmingham,  racing  south  for 
the  Channel  tunnel  (March  19), 
need  not  fret  over  the  1,568 
lorries  heading  for  the  Kent 
coast  on  that  July  1993  morn- 
ing. 

These  will,  of  course,  be 
going  on  the  ferries.  The  mostly 
foreign  (and  40-tonne)  lorries 
will  be  conforming  to  Sher- 
wood's law,  which  states  that  if 
you  cannot  be  at  lhe  front  of 
the  tunnel  queue,  then  beat  it 
the  old  way. 

The  ferry  companies  and 
freight  hauliers  have  an  inti- 
mate understanding  of  each 
other's  economics.  So  driving 
tunnel  freight  tariffs  down 
through  the  chalk  — and  then 
not  buying  the  product  — 
should  be  easy- 
This  leaves  the  family  from 
Birmingham  watching  the 
Freightliner  trains.  These  will 
be  the  tunnel’s  best  hope  of 
freight  revenues  — assuming 
that  the  big  container  boys  can 
be  persuaded.  Given  their 
market  clout  that  could  still  be 
had  news  for  tunnel  tariffs. 

SadW,  our  family  hasn’t 
missed  the  bad  language  after 
all.  Dad  will  have  used  a good 
deal  of  that  on  the  M25  — sit- 
ting in  the  queue  at  the  road- ; 
works  for  the  new  tunnel  — at , 
Dartford.  , 

Roger  D.  Johnstone. 

S7  Shawdene  Rd, 

Northendcn,  Manchester 

The  aims  o£ 
education 

From  Mr  K.  Hepburn 
Sir, — Peter  Riddell’s  article 
regarding  UK  education  (March 
11)  carried  in  its  final  para- 


as small  as  a pair  of  woollen 
socks.  Blarkcab  drivers  in  Liver- 
pool, from  nearside  doors 
secured  by  welded  steel  bars, 
collect  fares  through  a slit  in  a 
protective  metal  cage. 

Blanket  conclusions  about 
northern  cities  however,  are 
surely  too  pessimistic.  A yawn- 
ing gap  divides  Liverpool, 
where  plant  closures  have  .so 
eaten  inlo  the  city's  economic 
fabric  that  ihure  is  hardly  any- 
thing recognisable  these  days 
as  a rush  hour,  from  the  York- 
shire *’ capital”  of  Leeds.  With 
little  more  than  half  the  Mersey- 
side unemployment  rate.  Leeds 
exudes  the  air  of  a thriving 
commercial  community. 

The  serious  plight  of  the 
North  is  masked  by  a will- 
ingness to  move  the  goalposts 
of  acceptability.  When  steel- 
making ended  in  Consctt  five 
years  ago— a decision  which 
symbolised  the  terrible  human 
price  paid  by  economic  change 


graphs  the  despair  of  the 
wavering  voters  to  which  t 
belong.  **  Spending  is  necessary 
lo  protect  the  politically  very 
vulnerable  flanks  at  the  next 
election,"  but  it  will  take  more 
than  a cosmetic  Department  of 
Education  and  Science  re- 
organisation, a voucher  scheme, 
or  vocational  training  lo  restore 
lhe  health  of  the  educational 
system  because  there  are  three 
primary  questions  to  be 
addressed. 

An  acceptable  definition  of 
the  purpose  of  education, 
encompassing  social  standards, 
academic  and  physical  achieve- 
ment and  pupil/trainee 
development.  An  acceptable 
definition  of  the  expectation 
of  the  system  as  to  respon- 
sibility — parental,  teaching, 
and  above  all  the  pupils/ 
trainees  themselves.  An  accept- 
able definition  of  freedom  of 
choice  between  educational 
establishments.  There  is  no 
freedom  of  choice  for  a caring 
parent  or  motivated  participant 
when  the  options  exist  solely 
between  a state  system  (which 
is  manifestly  not  satisfying  the 
objective  of  participants)  and 
a private  system  which  is  closed 
to  most. 

Kenneth  J.  Hepburn. 

8 Starkies,  Bury,  Lancs. 


— the  media  descended  on  the 
.small  Durham  township.  Hartle- 
pool’s unemployment  has  since 
risen  almost  to  Consett’s  level 
— but  no  one.  save  those  who 
live  there,  now  takes  much 
notice. 

Among  common  themes  in 
lhe  North  is  the  way  invest- 
ment in  bis  single  projects  re- 
sults in  such  feeble  spin-offs  in 
the  local  economy.  Mr  Michael 
Heseltine  pointed  out  on  tele- 
vision last  month  how  the 
Government  has  helped  East 
London  pick  up  its  economic 
bootstraps.  But  that  is  where 
investment  capital  wants  to  go. 
11  does  not  want  to  go  north. 
The  Merseyside  Development 
Corporation,  which  Mr  Hesel- 
tine  instigated  when  Environ- 
ment Secretary  after  lhe  I9S1 
riots,  has  beavered  away  for 
more  than  four  years.  A lovely 
waterfront  is  in  the  making  but 
there  is  little  sign  that  this 
will  provide  the  economic  cata- 
lyst  for  that  sad  city. 


The  same  difficulty  i-. 
evident  in  milder  form  all 
over  the  North. 

The  fine  Metro  light  railway 
in  Newcastle  has  helped 
generate  a mini  boom  of  shop- 
ping and  chintzy  nightspots 
in  the  Tyne  city.  The  regional 
economy,  though,  is  so  feeble 
that  you  can  see  the  lifeblood 
draining  away  from  its  weaker 
neighbours  like  North  Shields 
which  struggle  along  the  river. 

And  yet  perhaps  the  real 
poignancy  of  the  North's  crisis 
Is  that  it  is  so  often  invisible. 
Take  Halifax,  for  example, 
once  a blackened  pit  with 
belching  chimneys  but  over  lhe 
past  15  years  transformed  into 
a clean  stone  town  with  its 
arehitectnral  heritage  intact 

The  real  tragedy,  that  of 
unemployment  and  low  pay,  is 
largely  lived  out  in  secret 
behind  the -curtains  of  ordinary 
homes.  For  the  affluent— even 
just  the  working — to  live  in 


Indian  Government  policy  lo 
um'rrtgated  or  rain-fed  areas. 

Orissa  has  a high  rainfall  of 
about  60  ins  a year,  three  times 
that  of  richer  farming  areas 
elicit  as  Punjab  in  the  north 
Gujarat  in  the  west  and  Tamil 
Nadu  in  the  smith.  But  only 
about  20  per  rent  of  i|s  land  is 
irri Bated  compared  with  4a  to 
till  per  cent  in  these  states,  and 

its  consumption  of  fertiliser  is 

:.hnut  1-lk?  a hectare  (2.n _scivm 
compared  with  an  all-India  aver- 
age of  431:g. 

-nrn-  irrigation  supply  is  bad 
and  Hi**  nion.-non  is  erratic,  so 
it--  ail  i.i  the  hands  of  tile  rain 
god  and  people  do  nnt  like  to 
m vi  si."  -.iys  Mr  Srinivasan. 
whose  priorities  also  include 
improving  easy  availability  of 
credit. 

The  oda  scheme  has  _ a 
si  might  forward  economic  aim 
nf  increasing  the  country's 
azrirvliura)  production  and  its 
variety  of  crops,  is  also  mixed 
With  a more  egalitarian  aim  of 
improving  the  livelihoods  oF 
liv*  small  and  marginal  farmers 
who  own  less  than  2,5  acres 
and  make  up  more  than  TO  per 
ceni  nr  t!i;a  total  in  lhe  project. 

cilms  with  very  high  unemploy- 
ment yet  have  no  friends 
among  the  dragoons  of  the  long- 
term unemployed  is  normal. 

The  aid  schizophrenia  in  the 
North  ahout  regional  and 
national  identity  is  stiff  there. 
Manchester  .still  jmeers  at 
Liverpool  and  the  richer  parts 
of  Yorkshire  openly  thank  God 
that  they  have  not  lost  their 
way  in  the  same  shocking 
sense  as  the  coastal  north-east. 

Yet  the  feeling  of  **  northem- 
ness  ■’  is  possibly  stronger  than 
ever  before.  "I  think  .some  of 
these  regions  in  the  UK  do  not 
actually  feel  part  of  the  UK 
anymore."  says  one  official  of 
a large  northern  chamber  of 
commerce. 

Chatting  at  a Beaujolais 
Nouveau  breakfast  hosted  by 
Manchester  management  con- 
sultants. an  TCFC  manager  said 
tnot  entirely  frivolously)  that 
if  he  lived  in  Liverpool  he 
would  vote  for  the  Militant 
Derek  Hatton. 

If  the  layout  and  appearance 
of  a factory  can  govern  the 
fiitalifv  of  what  hapoens  in  it, 
the  same  must  be  true  of  the 
en-i  rents'”!  t 

Wh°n  Terry  Holmes,  the.  for- 
mer Welsh  Rushy  Union  inter- 
national, played  his  first  and 


The  main  criticism  of  tr, 
scheme  so  far  is  that  the  OD. 
leaves  no  organisation  bchin 
to  continue  its  work  when 
moves  on.  Estimates  sugge- 
thnt  40  per  cent  of  the  farmei 
continue  with  the  prescribe, 
fertiliser  applications  aftr 
their  year  of  deraonstratioT 
and  subsidy,  even  increasir 
the  amount  of  land  involve. 
Another  40  per  cent  redtti 
amount  u<cd.  while  20  per  cei 
go  back  lo  jheir  old  ways. 

The  ODA  hopes  the  evidei 
financial  advantages  will  ther 
selves  he  sufficient  to  maintai 
the  momentum  and  ovorcoir 
problems  which  could  s< 
enthusiasm  such  as  drough 
crop  failure,  lethargy,  heav 
handed  local  hureacracics  ar 
the  ramifications  of  viUaj 
polities  and  jealousies. 

Sn  far.  the  project's  ma- 
success  has  been  that  i 
agronomists  living  in  tf 
villages  Iit.p  hcr*n  able  to  ove 
conn*  dixfPnsioninrnt  wit 
o.?  rlier  vicjtjnjr  officials  ar 
art  visors.,  and  prove  instead  thi 
can  make  things  happen.  Ti 
arrival  of  a mobile  soil-test  ii 
laboratory-  in  examine  sampl- 
from  all  the  farmers*  ficb 
help*  to  prove  this, 

*'  The  van's  soil-test  card  wi 
the  farmer’s  name  on  It  giv 
him  an  identity.  The  small 
and  marginal  farmer  is  perha 
for  the  first  time  being  treat, 
and  advised  as  an  individui 
From  the  day  they  collect  £ 
card  from  the  van  they  belle 
something  will  happen  f 
them."  said  Mr  Peers  as  he  !• 
an  ODA  inspection  team  into 
Yillagn  to  a chant  of  "Inc 
British  /indahad " (long  lr 
the  projrct)  backed  by  frenzi- 
local  music. 

fateful  Rugby  League  game 
Swinton.  (he  club  knew  t 
national  TV  cameras  would 
there.  Yet  nobody  bothered  ev 
to  repair  the  big  "Swinto 
sign  above  the  gates — the  O a 
one  of  the  Ns  was  missing. 

Tatty  environment  bree 
tatty  behaviour. 

Nevertheless,  as  one  of  t 
employed  it  is  a big  and  t 
pleasant  wrench  to  return 
London.  In  many  ways  the  Noi 
is  far  from  dying.  We  had 
farewell  dinner  m an  old  i 
20  minutes  from  Manchest- 
oak  beams,  crackling  fires  a 
plenty  of  cibowroom-  The  f 
lowing  <lay  we  drove  throu 
the  little  townships  linki 
Wigan  lo  lhe  rest  of  Great 
Manchester,  like  a redbrick  u 
bilical  cord,  and  joined  13,0 
others  to  watch  nine  tries  a 
ihe  scoring  of  50  points  in  t 
WJgan-Hull  Rugby  Leag 
game.  Wigan  has  spent  £500,0 
assembling  its  team,  giving  tl 
town  at  least  a place  in  t 
scheme  of  things. 

Few  people  with  good  jc 
who  taste  working  in  the  Noi 
relish  the  prospect  of  returni 
to  a congested  and  bad-te 
pered  London.  If  only  capi 
investment  behaved  in  the  sai 
way. 


Exchanges  in  a 
theatre 


From  Mr  Edward  Pelhcrbridge 
Sir,  — The  theatre  criticism 
of  today  is  the  theatre  his- 
torian’s research  material  of 
tomorrow.  So  even  at  footnote 
level  it  should  be  factually 
correct.  I wouldn't  dream  of 
“correcting”  Mr  Coveney’s 
damning  opinions  of  My  Dream 
of  the  Theatre  (March  14)  but 
as  to  fact:  1 did  not  hoar  while 
performing  that  X was  being 
“stirringly  heckled  throughout 
by  an  old  man  who,  when  told 
to  shut  up,  was  revealed  to  be 
Gordon  Craig's  son”  ("what 
sort  of  an  excuse  does  he  call 
that? " Mr  Coveney  adds). 
After  the  exit,  however,  to 
catch  The  Threepeny  Opera  of 
15  (not  25)  critics.  I did  sec 
Mr  Robin  Craig,  aged  91.  rise 
to  his  feet  during  my  call  and, 
looking  for  all  the  world  like 
his  father,  extend  his  arm  in  a 
wave  which  L impersonating 
his  father,  returned. 

Simon  Callow  — there’s  a 
theatre  historian  — actually 
heard  Mr  Craig,  who  is  a little 
deaf  now,  declare:  “I  can't  hear 
him,  can  you?"  and  exclaim 
“ Caricature! " and  then  “ Bravo 
Edward!  ” — this  last  during  an 
unspoken  scqucnce- 
Afterwards  Mr  Craig,  in 
genial  mood,  recalled  his  days 
on  tour  with  Fred  Terry  in  The 
Scarlet  Pimpernel— a vanished 
age  when  a critic  might  refer 
to  an  “elderly  gentleman  in 
the  stalls,"  but  never  an  **  old 
man." 

Edward  Pctherbridge. 

National  Theatre. 

Soutk  Bonk,  SEL 


1985  wa  s a yea  r of  record 
achievements  for  Nationwide. 

It  was  the  year  that  the  Society’s 
assets  passed  the  £10,000  million 
milestone  - an  increase  of  17.8%, 
And  it  was  the  yearthat  mortgage 
lending  reached  a higher  level 
than  ever  before. 

On  the  investment  side, 
753,000  new  accounts  were 
opened,  bringing  the  total  of 
savers  to  3,405,000. 

1985  also  saw  the  introduction 
of  two  imaginative  new  savings 
schemes;  BonusBuilder,  launched 
to  immediate  success,  and  Rex- 
Account  CashUnk,  which  marked 
the  arrival  of  Nationwide’s  auto- 
matic cash  machine  network. 

At  the  same  time,  Nationwide 


made  a pioneering  Eurosterling 
issue,  raising  £200  million  for 
further  mortgage  lending. 

This  helped  to  make  1985  a 
record  year  for  borrowers  too, 
with  mortgage  advances  reach- 
ing £2,299  million.This  pro- 
vided 87,900  buyers,  more  than 
in  any  previous  year,  with  funds 
to  purchase  homes. 

For  Nationwide,  1985  was  a 
year  that  firmly  reinforced  the 
Society's  belief  that  the  more 
we  can  help  people  to  build 
their  savings,  the  more  we  can 
help  people  to  build  homes.  To 
that  end,  we  lookforward  to  the 
new  opportunities  presented 
by  the  Building  Societies  Bill, 
enablingthe  Society  to  offeran 


even  widerrange  ofservlces.^ 
For  a copy  of  the  Nationwide 
Annual  Report  and  Accounts 
for  1985,  write  to:  Nationwide 
Building  Society,  FREEPOST, 
London  WC1V6XA. 


A 


Nationwide  Building  Society, 

NewOtford  House.Higft  HoUwrn,  London  WttV6PB£ 


12 


i-itretncxccr 


UK  COMPANY  NEWS 


Grattan  profits  leap  : £27m  rights 


BY  LUCY  KELLAWAY 

Grattan,  the  Bradford-based 
nail  order  company,  has  in- 
cased pre-tax  profits  by  two- 
birds  to  £16m  in  the  year  to 
January  1986,  and  has  an- 
lounced  plans  to  raise  £27. lm 
jy  way  of  a rights  issue. 

The  money  will  be  used  to 
'epay  hank  borrowings  created 
»y  the  group’s  heavy  capital 
'xpenditure,  and  to  establish  a 
inner  base  for  future  expan- 
sion. Over  the  last  five  years, 
he  company  has  expanded  its 
icdvities  by  multiplying  the 
lumber  of  mail  order  cata- 
ogues,  and  moving  into  direct 
*esponse,  retail  and  database 
lervices. 

The  terms  of  the  Issue  are 
me  for  six  at  370p,  compared  to 


a price  before  the  announce- 
ment of  442p. 

The  pretax  profit  was 
achieved  on  sales  of  £266 m,  up 
21  per  cent  from  £221m.  Mr 
John  Hann,  chairman,  says  that 
all  four  parts  of  the  company 
did  well  and  that  the  results, 
like  those  over  the  last  five 
years  “ indicate  very  clearly  the 
enormous  strides  forward  the 
group  has  made.” 

He  said  that  all  of  the  mail 
order  catalogues,  still  by  far  the 
most  important  part  of  the  com- 
pany. bad  done  well,  reflecting 
the  improvement  in  the  goods 
and  in  marketing. 

The  start  to  the  current  year 
was  depressed  bv  poor  weather 
in  February  although  trading 
has  picked  up  in  the  last  two 


weeks,  and  the  company  is  con- 
fident about  its  prospects  for 
1986.  Accordingly,  a final  divi- 
dend of  4p  net  is  declared  to 
make  the  total  for  the  year  Op 
(3p). 

Interest  charge  was  £4.3m 
(£3~m)  and  tax  took  £3-2m 
(£649,000).  Profit  after  tax  for 
the  year  was  £12.8m  (£9.Gm). 

e comment 

After  such  a strong,  sustained 
rise  in  Grattan’s  share  price. 
Investors  may  have  been  looking 
for  an  excuse  to  take  profits  and 
fell  upon  an  unforeseen  rights 
issue  as  a chance  to  do  so.  How- 
ever, there  is  nothing  but  good 
news  in  both  the  results  and  in 
the  flexibility  given  to  the  com- 
pany by  a well-timed  rights 


issue.  Particularly  encouraging 
is  the  10.5  per  cent  increase  in 
sales  volumes  (achieved  with 
nothing  given  away  on  price  and 
with  an  immaterial  rise  in  dis- 
tribution costs)  and  the  growth 
in  the  old  fashioned  agency 
business,  which  Grattan  itself 
had  thought  was  dormant.  Mean- 
while its  foresight  in  tackling 
the  direct  mail  catalogue  market 
is  beginning  to  come  good,  and 
with  demand  moving  that  way, 
direct  mail  may  eventually 
become  the  most  important  part 
of  the  group.  On  428p,  down 
14p,  the  shares  stand  at  an 
unjustifiably  Targe  discount  to 
the  stores  sector  on  a prospec- 
tive o/e  or  14).  assuming  profits 
of  £28m. 


Delta  increases  by  11%  to  over  £50i 


’RE-TAX  profits  of  the  Delta 
>ronp  reached  £50.6m  in  1985, 
in  increase  of  11  per  cent  on  the 
irevious  £45. 7m.  The  dividend 
s lifted  by  44  per  cent,  from 
1.5p  to  6.5p  net  per  share.  The 
inal  is  4.15p. 

The  directors  say  this 
pian turn  change  is  to  allow 
ihareholders  to  benefit  from  the 
enhanced  earnings  — ahead 
rom  20.9p  to  24.5p  — and  cash 
low,  and  to  provide  a suitable 
iase  for  a progressive  policy. 

Cash  flow  rose  from  £6.4m 
o £35. 1m,  resulting  from  cash 
•enerated  on  trading  and  the 
Usposal  of  non-mainstream 
>usin  esses;  and  has  given  rise 
o an  improvement  in  debt/ 
squity  ratio  of  0.2:1  (0.4:1). 

The  directors  stress  that  the 
irofit  was  achieved  despite 
tdverse  movements  in  metal 
irlces  and  exchange  rates 
vhich  reduced  it  by  £3.5m  and 
19.4m  respectively. 

In  electrical  equipment  the 
argest  segment  of  the  business. 


and  pre-tax  profit  £27. 6m 
(£28.2m).  Industrial  services 


produced  turnover  of  £113m 
(£  167.2m)  and  profit  £16m 
(£14m),  and  metals  £171.2m 
(£169. 9m)  and  £7.96m  (£7.98m) 
respectively. 

The  UK  accounted  for  £36R4m 
(£36.46m>  pf  the  profit.  Africa 
£1 2.48m  (£9jS7m),  Australia 

and  South  East  Asia  £3 .36m 
(£5Rlm),  North  and  South 
America  £i.89m  (£2.59m). 

Western  Europe  £160,000 
(£720.000  loss). 

After  tax  of  £14.1 2m  (£14.3m) 
—a  rate  of  28  (31)  per  cent 
and  minorities  £1.82m  (£1.33m)P 
net  attributable  profit  works 
through  at  £35.17m  (£30.06m). 
There  are  extraordinary  charges 
of  £1.93iii  (£1.03m). 

• comment 

The  Delta  Group  could  proffer 
lots  of  excuses  for  profits  fall- 
ing below  expectations  — un- 
favourable currencies  and  the 
plummeting  price  of  copper — 
but  the  market  was  not  pre- 


pared to  listen  and  the  shares 
fell  lip  to  239p.  On  a positive 
note,  Delta’s  stream  of  cuts, 
closures  and  disposals  is  over; 
costs  are  under  control;  cash 
generation  is  strong;  and  activi- 
ties now  concentrate  on  four 
core  areas  — electrical  equip- 
ment, industrial  services,  metals 
and  fluid  controls.  Unfortun- 
ately for  Delta  the  negatives 
outweigh  the  positives.  The 
level  of  business  is  static  in 
almost  every  division;  the  com- 
pany’s tax  rate  is  increasing; 
currencies  are  unlikely  to  be 
any  less  erratic  this  year;  and 
the  threat  of  an  influx  of  cheap 
Chilean  copper  could  bring 
metal  prices  tumbling  down 
again.  Gearing  has  been 
whittled  away  to  manageable 
levels  so  Delta  is  in  a position, 
and  of  the  disposition,  to  buy 
growth  through  acquisition. 
The  City  expects  profits  of 
£58m  for  1986,  leaving  the 
shares  looking  expensive  on  a 
p/e  of  9. 


Garfunkels  payment  doubled  on  61%  rise 


Garfunkels  Restaurants,  die 
14-strong  chain,  has  expanded 
ts  turnover  from  £18.1m  to 
.'22.28ra  and  its  pre-tax  profit 
rom  £2.11m  to  £3.4m  in  1985 — 
lercentage  gains  of  23  and  61 
espectively. 

In  October  the  group  raised 
3.4m  via  a one-for-eight  rights 
ssue  and  subsequently  moved 
rom  the  USM  to  a full  listing. 
The  final  dividend  on  the 
□creased  capital  is  1.085p  and 
•aises  the  total  to  13p  net;  this 


compares  with  0.65p  in  the 
previous  year 

The  directors  report  that  the 
current  year  has  started  well 
and  they  anticipate  another 
good  year.  Of  the  group’s 
restaurants,  56  are  in  operation 
and  eight  will  be  opening 
shortly. 

Some  £5. 6m  was  spent  during 
1985  on  the  conversion  of  14 
Strikes  restaurants 

Tax  in  1985  took  £134m 
(£809,000)  and  minorities 
£22,000  (£13,000), 


• comment 

Garfunkel’s  theme  restaurant 
formula  succeeded  in  putting 
more  bottoms  on  seats  than  the 
most  optimistic  forecasters  had 
predicted  and  the  share,  already 
highly  rated,  put  on  another  4p 
to  166p.  With  London’s  West 
End  now  saturated,  the  com- 
pany is  having  to  look  to  the 
suburbs  and  beyond  for  further 
growth,  and  the  absence  of  an- 
other suitable  chain  for  acquisi- 
tion means  this  is  going  to  have 


to  be  on  a site-by-site  basis.  This 
will  be  hard  work  and  could 
bring  the  occasional  mistake, 
but  assuming  a reasonable  suc- 
cess rate  some  £43m  should  be 
on  the  cards  for  the  year.  In- 
vestors can  reasonably  hope  to 
escape  further  cash  calls  be- 
cause the  proceeds  of  the  I art 
rights  issue  will  help  cover  the 
capital  spending,  but  after  a 35 
per  cent  tax  charge  the  prospec- 
tive p/e  ratio  of  over  19  looks 
well  up  with  events. 


Volatile 
markets 
boost 
Exco  Inti. 

IN  A YEAR  of  many  changes 
the  results  of  Exco  Inter- 
national, the  money  broking 
and  financial  services  group, 
were  extremely  satisfactory 
say  the  directors.  Pre-tax  pro- 
fits rose  by  21  per  cent  for 
1985  against  the  previous 
year’s  figure,  restated  for  a 
change  in  currency  translation 
policy. 

On  turnover  no  bv  fi.3  per 
cent  from  £J903ora  to 
£202.94 m the  nre-tax  profit 
was  £87 .44m  (£72.0 5m).  The 
directors  add,  however,  that 
the  figures  were  affected  hy 
the  sale  of  Telerate  during 
the  period.  Tn  1984  the  com- 
pany. in  which  Exco  held  J*2 
per  cent,  contributed  £46.7m 
nre-tax,  with  £34.1ra  and  a 
further  £15-3ra  from  interest 
and  other  income  from  the 
proceeds  In  the  year  under 
review. 

There  was  an  extraordinary 
credit  of  £lSUGm  being  the 
profit,  net  of  tax,  on  the  sale 
of  Telcrate. 

Earnings  per  lOp  share 
came  out  at  15.5p  (11. Ip)  and 
the  directors  are  recommend- 
ing a final  dividend  of  2J>p 
(ad iasted  1.58p)  making  a 
total  for  the  year  of  4-2p  (3p). 


FT-ACTU ARO ES  SHAKE  S^CSGES 

These  Indices  are  the  joint  compilation  of  the  Ficancol  Tfsses,  The  Inzlifcte  of  te&aries  sad  the  Faculty  of  Actuaries 


EQUITY  GROUPS 
& SUB-SECTIONS 


Rgn  hi  iwwfcem  shoe  amber: 
of  Modi  per  octal 


CAPITAL  60005(212)  _ 

BaMng  Materials  (24) -j- 
Coteacting.Cn&mtiin  (27) . 

Electricals  (13) 

Electronics  08) 


HcdHDGzl  Eagtoeenq  (64)  _ 

Henb  ml  Metal  Farming  0). 

Motors  0.7) 


MerlofelriaJ  Mates*  C2Z). 
CONSUMER  SUMP  PM). 
Brewers  and  DfatiBere  (24)  „ 
Food  Manufacturing  (22).. 
Food  Retailing  (14! 

HoMMHncUdMKbQBL- 
Lefeare(25) 


puMH*ig& Printing  03) 
Packaging  and  Paper  05) 

Stores  (43) 

Textiles  (15) 

Tflhaocos(3).. 


OTHER  GROUPS  (86)— 
Ctanta*(19) 


Office  Equipment  W) 
stiffing  and  Transport  (12). 
Tdqjhone  Networks  (2)  _ 
MisceHanenE  (49) 


WPOSTB1ALCWBW82) 


Oil  & Gas  08).. 


500  SHARE  mDEXgOO) 


nNASCIALGMHNHUfn- 

fiffl*s(7) 

Insurance  (life)  (9) 


hwiance  (Compostte)  (7) 
Insurance  (Brokers)  (8) — 

Merchant  Banks  OD 

Property  (51) 


Other  Financial  (25). 


haestawm  Trusts  003)  ■ 
Mining  Finance  (3) . 


Overseas  Traders  Q4). 


Fri  March  21 1986 


Index 

No. 


73112 
82033 
1167.86 
199125 
1668J2 
4I&27 
33236 
29315 
134LM 
9035| 
96358 
67450 
192SJ0 
156951 
95141 1 
233052 
46S17I 
921-23 
554.981 
115439 
85021 
94646 
2S944 
164059 
182169 
U38J4 


873-75 


119332 


902.91 


61831 

68613 

86729 

S0L86| 

123634 

361521 


74359 

35252 


■ss 

% 


-02 

+0.7 

-0.7 

-05 

-L6 

+05 

-0.9 

+05 

+05 

+05 

+20 

+05 

+05 

+15 

-0.9 

+15 

+05 

-05 

+15. 

-15 

-05 

-02 

+82 

-0.9 

-05 

+05 


+02 


-82 


+05 


-05 

-29 

+05 

+15 

-05 

+0.7 


ALL5HARE  BOEX(738) - 


FTOEIflB  SHARE  INDEX  4- 


75173 

33116 

67051 


■ '!  **  j 


Inter 

No. 


-0 4 
+40 
+05 


+05 


16883 


Day’s 

cfcgfft 


YleUm 

ICMarO 


727 

&00 

729 

756 

820 

857 

652 
805 

653 
755 
857 
9105 
624 
425 
720 
725 
702 
520 

6.95 
1143 

7.95 
925 
746 
624 
807 
669 


752 


1821 


861 


16.73 


750 

554 

695 


1003 

12.94 


Day’s 

HM 


Cross 

Dh. 

YM% 

CACTati 

30%) 


326 

332 

322 

322 

2.75 

355 

505 

329 

2% 

300 

321 

324 

241 

208 

367 

355 
343 
239 
329 
451 
351 
429 
308 

356 
321 
329 


359 


7.78 


365 


428 

428 

359 

405 

3-79 

252 

354 

324 


292 

469 

625 


3-72 


Day’s 

Low 


-10116905.116835116985116090 


EsL 

WE 

Ratio 

(Net) 


15.97 
1568 
1679 
17.10 
1454 
1440 
1843 
1428 
1961 
1761 
1559 
3450 
2120 
2458 
1801 
1740 
1602 
2351 
1645 
1008 
1606 
lg .79 
15.97 
1926 
1700 
1829 


1679 


1445 


848 


1826 

2523 

1724 


1161 

958 


a 

to  date 


204 

106 

346 

150 

809 

127 

600 

673 

260 

2® 

404 

3.75 

558 

825 

9L78 

236 

631 

106 

628 

649 

402 

1455 

321 

600 

6® 

254 


2.98 


2165 


402 

1128 

608 

247 

6® 

006 

350 

133 


Mar 

20 


361 

600 

7. 


Mar- 

19 


Pros 

Mm 

20 


Index 

Nol 


73248 

81520 


[1175-53 B 

AHUll 
1 42616 
335J7 
1 29080 
>J38J8 
193694 
94438 
669.081 
192228b 
Q54946| 
1962.09 
JZ306.72] 

1 463.79 
92239 
1 54954 
>169871 
185116 
94754 
1 25923 
165627 
162432 
103337 


72454 
1 802.90 
>16357  ■ 
198467 1 
>69S59| 
1 40952 
33252 
1 28667 
5317881 
|92232 


87253 


019654 


90138 


62139 

70733 

865491 

149619) 

>23645 

136105 

73830 

35184 


754.71 

31842 

66676 


Mar 

18 


Wed 

Mar 

19 


Index 

No. 


919.® 

65932 

192644 

(153657 

94529 

(2283.® 

45541 

9053 

54707 

(115604 

837.47 

94209 

25831 

99557 

1103697 


66947 


019323 


88905 


60703 

66531 

86558 

48957 

>252.03 

mul 

73858 

34633 


75104 


66622 


Ties 

Mar 

IB 


Index 

No. 


71682 
1 775.® 
>12666 
1949.78 
>72259 
1 40244 
32644 
1 283.% 
PB.77 
1 90848 
88458 
165234 
>87132 
>55556 
1 92337 

(23339 

44625 

883.75 

53688 

>15148 

04673 

94752 


85143 


01866 


88147 


60690 

64531 

88433 

1+3627 

0252.88 

ISSLffll 

73356 

337.08 


73134 

29345 

66949 


Yea 
, *9° 


ladex 

No. 


55311 

582.96 

69808 

B53682 

>72641 

30048 

19551 

167.® 

95750 

641® 

57242 

£0557 

148348 

192849 

686® 

9742.® 

31941 

59104 

327.94 

91551 

66037 

77329 

18334 

15606 


85021 


81937 


63703 


019748 


60443 


46541 

45342 

67254 

34737 

028745 

23237 

64345 

29308 


61747 

30044 

66333 


Highs  and  Lows  Index 


1985/86 


Sace 

CnwptotNn 


m 


73248 

82853 

131553 

208694 

197708 

43447 

33557 

2BJ5 

13000 

94105 

96358 

67400 

192540 

156941 

96249 

293852 

46527 

92259 

554.® 

116947 

85447 

95530 

25904 

265627 

104241 

103844 


20(3/86 

ZI/3/B6 

20(3/86 

20/3/86 

9/1/85 

21/3/86 

20/3/86 

Zl/3/86 

21/3/86 

21/3/86 

Zl/3/86 

21/3/86 

21/3/86 

21/3/86 

203/86 

Zl/3/86 

21/3/86 

203/86 

21/3/86 

20/3/86 

12/3/86 

14/3/86 

21/3/86 

20/3/B6 

12/3/86 

21/3/86 


87375  23/3/86 


123915  15/2/85 


902.91  21/3/86 


62L39 

70753 

90618 

58146 

131527 

36145 

74359 

35242 


20/3/86 

20/3/86 

11/3/86 

21/3/86 

12/2/86 

20/3/86 

21/3/86 

21/3/86 


75411 

33116 

68715 


203/86 

21/3/86 

22/1/85 


Lmr 


48330 

47211 

68417 

128916 

122941 

26345 

16548 

14257 

82800 

604.® 

55046 

47102 


144515 


52947 

29347 

71412 

605.99 

645.96 

15416 

95848 

783-92 

78748 


25/7/85 

26/2/85 

8/3/85 

107/85 

8/10/85 

25/7/85 

M/i  ns 

3/1/85 
3/1/85 
3/1/85 
3/1/85 
25/7/85 
1/3/85 
11/4/85 
12/7/85 
3/1/85 
3/1/6 
19/2/6 
3 am 
26/9/6 
3/1/6 
26/9/85 
3 ares 
3/1/6 
3/1/6 
26/7/85 


59915  3/1/6 


104221  3/1/6 


636.®  3/1/6 


43010 

42033 

580.® 

3616 

100926 

22005 

58518 

26132 


4/1/6 
15/4/85 
4/1/6 
25/2/6 
25/7  res 
3/1/6 
107/6 
267/6 


557.78 

24029 

56227 


317/6 

5/8/6 

15/10/85 


m 


73248 
1 820® 
117533 
2540.94 
204925 
141827 
33557 
29315 
134140 
94105 


167400 
192540 
156941 
|96249 
273832 
1 46527 
92239 
1 554.98 
116917 
16447 
95810 
1 259.64 
165627 
104201 
183844 


20/306 
Zl/3/86 
20/3/86 
20/3 /B6 

13/11/84 

217/6 

20/3/6 

21/3/6 

Zl/3/6 

21/3/6 

21/3/6 

Zl/3/6 

21/3/86 

21/3/6 

28/3/6 

Zl/3/6 

21/3/6 

20/3.6 

21/36 

2006 

12/36 

14(36 

21/36 

2006 

12(36 

21/36 


>7315  21/36 


123915  15/2 /BS 


902.®  21/36 


62L39 

707® 

90618 

50146 

131527 

36145 

74359 

35242 


2036 

2036 

11/36 

21/36 

12/26 

20/36 

21/36 

2106 


754-71 

33757 

68715 


2006 

UV4/B4 

22/1/85 


son 

4427 

7108 

Mil 

122941 

COS 

4905 

19.® 

27755 

6LU 

6947 

5967 

5425 

17518 

5443 


4306 

5203 

6206 

9434 

5803 

7120 

4534 

9048 

517.92 

6819 


13/12/74 

11/12/74 

2/12(74 

296*2 

8/10/85 

5/1/75 

6/1/75 

6/1/75 

191/81 

13/12/74 

13/12/74 

11/12(74 

12/12/74 

28/5/80 

9/1/75 

6/1/75 

6/1/75 

6/1/75 

11/1274 

13/6/62 

6/1/75 

1/12(74 

2/1/75 

29/6/62 

30/11/84 

6/7/75 


The  Telerate  sale  contri- 
buted to  Exco's  £370zn  cash 
resources.  Towards  the  end  of 
the  year  the  group  exchanged 
its  50.1  per  cent  interest  in 
Gartmore  Investment  Manage- 
ment and  its  40  per  cent  stake 
in  FISDEC  for  30  per  cent  of 
London  Fortfaiting,  giving  it 
85  per  cent. 

Money  broking  continues  to 
be  the  group's  main  business 
and  while  the  decline  of  the 
dollar  was  a limiting  factor, 
profits  were  helped  by  vola- 
tility in  the  deposit  and  ex- 
change markets. 

The  nre-tax  figure  included 
£898,000  (£834,000)  share  of 
associates.  The  tax  charge  was 
£3 7.3m  (£31 25m)  and  minori- 
ties fell  to  £13.91  m (£1 5.91m). 

See  Lex 


5941  13/12/74 


8723  296/62 


6349  13/12/74 


5548 

6244 

4448 

43.96 

6546 

3121 

5641 

3329 


13/12/74 

1202(74 

2/1/75 

1302/74 

16/1274 

7/1/75 

2V4/65 

17/1274 


7112 

6611 

9737 


130274 

30/974 

6/1/75 


6L92  130274 


16444 


Mar  Mar  Year 
17  14  ago 


162241 16244 1 138Z.9I  16901  20/3  06 


C06l  3/1/851 16991  20/3/86 


986.9  237/84 


FIXED  INTEREST 


PRICE 

INDICES 

Fri 

lb- 

21 

% 

Thors 

Mz 

2D 

xda& 

today 

al  ad}. 

1 986 
to  be 

muni  rmiiwiirt 

12244 

+019 

i»_*i 

__ 

244 

2 

5-15  years 

14419 

+012 

24418 

014 

269 

3 

Over  15  years — 

25313 

+018 

25217 

— 

361 

A 

Irredeemables — 

17212 

+045 

17214 

— 

162 

5 

13917 

+027 

13916 

017 

276 

Mex-UnfcMl 

6 

10911 

+115 

1B8JBS 



081 

7 

Over  5 years 

10615 

+214 

10712 

— 

0® 

8 

All  stw+s - - 

10&8Z 

+214 

10716 

— 

090 

*9 

fjfeabniALMH- 

22214 

+068 

12112 

— 

207 

10 

W IBIMliW — 

84.73 

+013 

84.44 

— 

210 

AVERAGE  GR8& 

REBEMPT1M  YIELDS 

Fri 

Mv 

21 

fins 

Mar 

20 

Year 

(approx) 

1985 

High 

86 

Lows 

1 

MliHliaurt 

Low  5 years.™ 

813 

1016 

1156 

a/1/85 

845 

2mm 

2 

Coupons  15  yean. 

8.71 

8J3 

urn 

11  30 

2mm 

8.71 

2mm 

3 

4 

25  years. 

Medium  5 years 

8.73 

952 

8.74 

915 

1026 

11.77 

1072 

1239 

2mm 

28/1/85 

8.73 

952 

2mm 

zmm 

5 

Canons  15  yeas 

9.13 

915 

1116 

1163 

28/1/85 

913 

2mm 

6 

25  years 

914 

917 

1048 

1097 

29/1/85 

914 

2mm 

7 

High  5 years. 

910 

955 

1112 

1253 

28/1/85 

958 

2mm 

8 

Coupons  15  years-. 

929 

913 

11  99 

12.76 

28/1/85 

919 

2mm 

9 

25  years 

914 

917 

1059 

1113 

29A/8S 

914 

2mm 

10 

8.72 

075 

1011 

1049 

28am 

8.72 

2mm 

U 

IndubM 

Infiafn  rate  5%  5 yrs... 

419 

413 

OO 

518 

14/1/86 

413 

27/2/86 

12 

Inflafn  rate  5%  Over 5 yrs... 

312 

- 3.® 

01 

411 

20/1/86 

- 3J0 

27/2/86 

13 

Infiat/n  rate  10%  5 yrs... 

317 

314 

OO 

023 

14/1/86 

317 

27/2/86 

14 

Inflate  rate  10%  0var5yis... 

365 

316 

01 

315 

14/1/86 

354 

27/2/86 

25 

16 

Debs*  5 years. 

Leans  25  years 

1020 

1010 

1032 

1020 

1205 

11.74 

1278 

2217 

27 am 
2mm 

1010 

1010 

Zl/3/86 

21/3/86 

17 

25  years 

1000 

1019 

1162 

1217 

2mm 

1010 

zmm 

18 

Preference | 

1148 

1152 

1270 

1314 

2mm 

1148 

zmm 

f Opening  Index  16894;  10  am  16852;  31  am  1684.%  Noon  1688.9;  1 pm  1689.4;  2 pm  16892;  3 pm  16871;  310  pm  16871);  4 pm  16871. 

Equity  section  or  group 

Telephone  Networks - 

Electroi 


Other  Industrial  Materials™ 
Hea/th/HousehoW  Products. 
Other  Groups — ~~ 


Overseas  Traders.,. 

Mechanical  Engineering. 
Office  Equipment—™— 

Industrial  Group 

Other  Financial 


Base  date 

Base  value 

Equity  section  or  group 

Base  date 

Base  value 

30/31/84 

517.92 

Food  Manufacturing 

29/12/67 

11413 

30/12/83 

1646.65 

Food  Retailing 

29/12/67 

11413 

31/12/BO 

287.41 

Insurance  Brokers—  - ™ 

29/12/67 

9667 

30/12/77 

26L77 

Mining  Finance  — — 

29/12/67 

10010 

31/12/74 

63.75 

Another  .._ 

10/04/62 

10010 

31/12/74 

moo 

British  Government — ..  . 

31/12/75 

10010 

31/12/71 

15314 

Do.  Index-linked 

30/04/82 

10010 

16/01/70 

162.74 

Debs.  & Loans.—  

31/12/77 

100.00 

31/12/70 

128.20 

Preference 

31/12/77 

76.72 

31/12/70 

128.06 

FT-SE1Q0  Index 

30/12/83 

100010 

T r HE /TCH.  A new  iihqi annuuicna kwh u®  — — * — — — ■ - 

CONSTITUENT  CHANGES:  Automotive  Products  (a)  has  been  deleted  and  replaced  bj  Meggiti  HoMingsto).  NAME  CHANGE:  Vantona  Vtjeila  has  charged  its 

name  to  Chats  Viyella  (35). 


ICH’s  28% 
growth 
at  midway 

International  City  Holdings, 
whose  principal  business  is 
money  broking,  lifted  its  net 
attributable  profit  by  28  per 
cent,  from  £3.8m  to  £4.85m, 
in  the  half  year  ended  Jan- 
uary 31,  1986.  Eevenue  rose 
21  per  cent  to  £24. 6m  and 
pre-tax  36  per  cent  to  £6.09m. 

The  group  came  to  the  mar- 
ket last  November  with  a price 
tag  of  £87 m,  having  been  re- 
assembled from  the  dispersed 
parts  of  the  Charles  Fulton 
empire.  It  has  declared  an  in- 
terim dividend  of  3p  net.  as 
forecast  in  the  offer  for  sale. 

The  directors  say  the  profit 
Increase  has  been  achieved  in 
tandem  with  heavy  expendi- 
ture. 

The  second  half  is  tradition- 
ally the  more  profitable,  and 
during  this  period  the  com- 
pany should  also  benefit  from 
further  organic  growth  and  a 
contribution  in  the  last 
quarter  from  MKI  Invest- 
ments, the  US  inter-dealer 
broker  recently  acquired. 

During  the  half  year  money 
broking  recorded  a modest 
profit  growth,  and  the  finan- 
cial futures  broking  made  a 
modest  contribution. 

• comment 

In  many  ways  ICH  has  fallen 
victim  to  the  market’s  over- 
optimism. The  company's 
profit  record  has  been  extra- 
ordinarily good,  but  extra- 
ordinarily good  increases  in 
profit  are  easy  to  achieve 
when  building  from  a base  of 
near-collapse.  These  interims 
fell  ever  so  slightly  below  ex- 
pectations and  the  City 
shaved  2p  off  the  shares  to 
193p.  ICH’s  chief  concern  is 
to  dampen  down  expectations 
for  the  full  financial  year. 
Profits  of  between  £15m  and 
£16m  seem  reasonable  pro- 
ducing a p/e  of  7.5.  Given 
that  both  the  summer  and 
Christmas  holidays  fall  in  the 
first  half  of  the  financial  year, 
ICH’s  second  half  is  always 
stronger  than  the  first.  The 
end  of  year  results  should 
benefit  from  three  months  of 
profits  from  MKI.  the  New 
YOTk  seearity  broker  it 
acquired  last  month,  and 
from  the  money  broking 
boom  in  hath  the  US  and  the 
UK.  In  the  longer  term  ICH 
is  well  prepared  for  Big  Bang 
when  its  embryonic  financial 

Futures,  Fund  management, 
technology  and  inter-dealer 
broking  interests  should  come 
to  fruition. 


Pleastirama  keeps 
up  expansion  and 
profits  pass  £37m 


WITH  THE  help  of  Trident 
Television,  the  profits  of  the 
Pleasorama  group  for  1985  have 
been  pushed  up  to  £37. 52m,  and 
the  directors  consider  this  to  be 
.a  significant  achievement 

They  arc  encouraged  by  the 
group:s  continuing  progress  and 
Uie  success  of  its  strategy.  They 
view  the  future  with  consider- 
able confidence. 

Shareholders  receive  a final 
dividend  of  5.75p  which  makes 
the  net  total  7.5p.  The  previous 
financial  period  covered  15 
months  to  December  30  19S4, 
and  the  total  dividend  was 
j.Tap  adjusting  for  a one-for-one 
scrip  issue. 

This  year’s  results  include 
Trident  TV  (casino  operator) 
from  February  22  and  a full 
year  from  Associated  Leisure. 
In  the  previous  15  months  the 
group  made  £25.25m.  taking  in 
AL  from  the  March  acquisition 
date. 

During  the  year  all  the 
grouD’s  properties  were  profes- 
sionally valued,  giving  a surplus 
of  some  £100m_ 

Turnover  in  the  year  expanded 
from  £108.48 m to  £160m  and  the 
trading  profit  from  £23.52m  to 
£39. 5m.  Associated  companies 
contributed  £1.7m  (£2.8m)  while 
the  net  interest  charge  was  up 
from  £1 .07m  to  £3.68m. 

The  directors  say  the  healthy 
balance  sheet  low  level  of  gear- 
ing. and  the  continuing  strong 
positive  cash  flow  leaves  the 
group  well  placed  to  expand. 

Results  of  the  holiday  division 
showed  a good  advance,  while 
profits  of  the  hotel  and  leisure 
divisions  also  improved. 

The  enlarged  London  casino 
side  performed  better  than 


expected  and  achieved  excellent 
profitability,  notwithstanding 
the  impact  of  a full  12  months 
rise  in  gaming  licence  duly  and 
the  increased  competition  from 
new  and  relocated  clubs. 

The  17  provincial  casinos 
again  traded  successfully  and 
results  were  well  up.  The 
amusement  machine  division 
had  another  good  year. 

After  tax  £15. 45m  (£11. 73m) 
the  year’s  net  profit  comes  to 
£22.1  m (£13.52m),  giving  basic 
earnings  of  25.3 p (21.2p)  and 
fully  diluted  20.7p  (nil). 

• comment 

The  punters  continue  to  rush  to 
London’s  gaming  tables  and  not 
surprisingly  therefore  just 
under  half  of  Pleasurama’s 
pre-tax  profits  came  from  its 
five  casinos  in  the  capital.  On 
an  annualised  basis  it  was  the 
casinos,  London  and  provincial, 
and  the  hotels  that  gained  the 
most.  The  Midlands-based 
holiday  concerns  came  in  just 
ahead  of  the  inflation  rate  and 
general  leisure  did  little  better 
than  wash  its  face.  Growth  is 
likely  to  come  from  infill  in 
the  provincial  casino  area,  the 
group  leads  a fairly  widespread 
market  here  with  17  of  the  100 
or  so  clubs,  and  in  boosting 
amusement  arcade/one  - armed 
bandit  hire  activities.  For  the 
current  year  £4Sm  should  be 
possible  especially  as  interest 
charges  will  be  lower  due  to  the 
smaller  refurbishment  bill.  The 
shares  at  375p,  down  16p 
possibly  because  some  in  the 
market  were  expecting  that 
Trident's  casinos  (in  from 
March)  would  contribute  even 
more  generously,  are  on  a 
prospective  p/e  of  13. 


UB  lays 


Bestwood  profits  rise 
sharply  to  £683,000 


BY  RICHARD  TOMKINS 

Bestwood,  the  financial,  indus- 
trial and  property  services 
group,  headed  by  Mr  Tony  Cole, 
yesterday  reported  a sharp  rise 
in  pre-tax  profits  from  £264,000 
to  £583.000  for  the  year  to 
December  and  said  it  would 
send  out  details  of  its  offer  for 
The  Country  Gentlemen’s 
Association  tills  weekend. 

Bestwood’s  1985  figures  in- 
clude a full  year’s  contribution 
from  its  financial  services  divi- 
sion on  a merger  accounting 
basis,  but  the  Foraky  group, 
acquired  in  November,  is  in- 
cluded for  only  a month. 

Mr  Cole  says  that  before  the 
contribution  from  Foraky  and 
the  interest  on  the  bridging 
loan  used  to  acquire  it.  profits 
would  have  been  £703.000  com- 
pared with  the  £650,000  fore- 
cast at  last  November’s  rights 
issue. 

Turnover  was  up  from  £2.1  m 
to  £4.4m.  Financial  services 
contributed  £1.7ra,  the  indus- 
trial division  £2.7m  and 
pronerty  services  just  £8.000.  A 
dividend  of  6p  is  recommended 
— the  same  as  last  year  but  on 
an  enlarged  share  capital. 


Two  Bestwood  ■ shares  are 
being  offered  for  every  CGA 
share  with  a partial  cash  alter- 
native of  one  Bestwood  share 
and  350p  cash.  With  Bestwood’s 
shares  down  5p  at  440p  last 
night  the  share  offer  is  worth 
880p  for  each  CGA  share  and 
the  partial  cash  offer'  790p. 

CGA’s  shares  were  unchanged 
at  775p  yesterday. 

CGA  provides  insurance 
broking  and  other  financial  ser- 
vices to  its  32.000  members 
through  its  monthly  magazine 
and  also  through  eight  shops. 

Bestwod  wants  to  merge  its 
own  financial  services  division 
with  CGA’s  under  the  name 
“CGA  Financial  Services.” 

It  believes  it  can  extract 
higher  profits  from  CGA's 
assets  than  the  present  manage- 
ment and  is  therefore  prepared 
to  pay  a high  price.  On  CGA’s 
pre-tax  profits  of  £200.000  for 
the  year  to  March  1985,  the 
exit  p/e  ratio  is  63. 

An  irrevocable  acceptance 
has  atreav  been  received  for 
Lord  Tan  law’s  holding  in  CGA, 
and  Bestwood  holds  another  2.1 
per  cent  itself. 


Hill  Samuel  makes  £8m 
Singapore  loss  provision 


Hill  Samuel,  the  merchant 
bank,  is  preparing  to  make  pro- 
visions of  up  to  £8m  to  cover  its 
eposure  to  the  volatile  trading 
conditions  on  the  Singapore 
stock  exchange. 

The  bank  said  yesterday  it  is 
contributing  £7m  in  further 
capital  to  Hill  Samuel  Merchant 
Bank  Asia,  which  has  loan  and 
forward  share  purchase 
exposures  relating  to  trans- 
actions in  Singapore,  against 
which  provisions  of  up  to  £8m 
will  have  to  he  made. 

“Having  regard  to  the  excep- 
tional circumstances  in  Singa- 
pore any  such  provisions  will 
be  charged  directly  to  inner 


reserves.” 

Mr  Dolf  Mootham.  finance 
director,  said:  “We  have  taken 
a realistically  worst  case  basis. 
With  the  market  in  disarray  we 
are  assuming  that  three  quar- 
ters ofthe  local  brokers  will  go 
bust.” 

Hill  Samuel  added  that  its 
acquisition  of  Wood  Mackenzie, 
the  Edinburgh-based  stock- 
broker. will  be  completed  on 
April  7.  The  net  cost  for  the 
70.1  per  cent  stake  will  be 
£15.2ni,  a minimum  of  one  third 
of  which  will  be  met  by  the 
issue  of  ordinary  shares  with 
the  balance  in  cash  and  loan 
notes. 


George  Oliver  down  £lm 


UNSEASONAL  WEATHER 
throughout  19S5  made  trading 
difficult  for  George  Oliver 
(Footwear),  and  although  costs 
were  contained  pre-tax  profits 
dropped  by  £1.03m  to  £1.66m. 
At  the  half  way  stage  there  was 
a £169,000  loss. 

Sales  for  this  Leicester-based 
footwear  distributor  improved 
by  nearly  11  per  cent  but  trad- 
ing fell  far  short  of  the  com- 
pany's expectations.  Apart  from 
an  uplift  with  the  first  snow- 
fall in  November,  directors  say 
that  the  autumn  and  Christmas 
period  was  little  better. 

Tehy  are  recommending  a lo 
increase  in  the  total  dividend, 
however,  to  9p  with  a 7.2p 


(6.4p)  final.  This  will  be  paid 
from  lower  earnings  of  22*.37p 
(33.59p)  per  share. 

Sales  during  the  first  two 
months  of  the  current  year  have 
been  very  slow,  they  add.  The 
cold  spell  has  adversely  affected 
a period  in  which  the  company 
would  expect  spring  and  sum- 
mer ranges  to  start  selling. 

The  pre-tax  result  included 
property  rental  income  of 
£173.000  (same),  and  other 
operating  income  of  £5.000 
(nil).  Profit  on  property  sales 
fell  from  £1.17m  to  £478,000, 
and  there  were  interest  charges 
of  £826.000  (£719.000). 

Tax  was  virtually  halved  to 
£-137.000  (£863,000).  and  min- 
nrities  took  £3.000  (nil). 


DIVIDENDS  ANNOUNCED 


Bestobell  6 

Bestwood  6 

Delta  Group  

Exco  Inti 

Garfunkels  l.OBf 

Grattan  

George  Ingham 1 

International  City  ...int 
Lond.  & Strathclyde  int.  1 

George  Oliver  71 

Pleasurama  

Reliable  Props.  int,  1.25 

Trinity  Inti 10.8 

Dividends  shown  in  pence  per  share  except  where  otherwise  stated 
" Equivalent  after  allowing  fnr  scrip  issue,  t On  capital 
increased  by  rights  and/or  acquisition  issues.  +USBI  stock, 
t For  15  months.  § Unquoted  stock. 


Current 

Dale 

Corre- 

Total 

Total 

of  spending 

for 

last 

payment 

payment 

div. 

year 

year 

. 6 

May  30 



6 

5.7 

6 

— 

6 

fi 

6 

. 4.15 

June  2 

2.63 

6.5 

4.5 

. 2.6 

June  16 

1.58* 

4.2 

3* 

. i.oet 

June  12 

Q.-H* 

1.3 

0.65’ 

. t 

— 

o 

6 

3 

. 1 

May  13 

05 

1.5 

1 

t.  .1 

May  12 

— 

t.  1 

May  12 

0.85 

__ 

2.65 

. 72 

May  12 

6.4 

9 

s 

. 5.75 

July  2 

4.5' 

7.5 

5.75*lf 

L 1.35 

— 

1.35 

__ 

3.5 

. 10.8 

April  25 

S 

15 

12.2 

22%  of 
Imperial 

By  Martin  Dickson 

THE  £2.4bn  takeover  battle  for 
imperial  Group  intensified 
yesterday  when  United  Bis- 
cuits announced  that  it  now 
spoke  for  21.89  per  cent  of  Im- 
perial’s shares,  just  above  the 
21  per  cent  which  rival  bidder 
Hanson  Trust  has  announced 
it  controls. 

United  said  that  by  yester- 
day. -the  first  dosing  date  of  its 
offer,  it  had  received  accept- 
ances from  the  holders  of  6.95 
per  cent  of  Imperial's  shares, 
to  add  to  the  14.9  per  cent  it 
had  bought  in  the  market.  Most 
of  the  acceptances  came  from 
small  investors. 

Hanson  Trust  gained  accept- 
ances from  the  holders  of  12 
per  cent  by  its  first  closing  date, 
a week  ago.  and  it  has  also 
bought  9 per  cent  in  the  mar- 
ket. 

Sir  Hector  Laing,  chairman 
of  United,  said  the  level  of 
acceptances  at  United's  first 
closing  date  was  very,  encoura- 
aging,  particularly  since  the 
Office  of  Fair  Trading  had  yet 
to  clear  the  agreed  bid.  He  ex- 
pected this  OFT  decision 
shortly. 

However,  Hanson  Trust  said 
it  regarded  the  level  of  United 
acceptances  as  ’*  very  good 
news.”  It  added:  “It  is  normal 
practice  for  small  shareholders 
to  listen  to  their  board  and  we 
would  not  have  been  surprised 
if  United  had  got  significantly 
large  acceptances  at  this  stage.” 

Hanson  added  that  it  had  re- 
ceived more  aceptances  during 
the  week,  but  declined  to  put  a 
figure  on  them. 

The  merger  seems  unlikely  to 
be  referred,  since  Imperial  has 
tried  to  overcome  competition 
objections  by  agreeing  to  sell 
Golden  Wonder,  its  snacks  busi- 
ness. to  Dalgety  for  £54m.  Yes- 
terday the  Government  decided 
not  to  refer  the  proposed 
Guinness  - Distillers  merger 
because  of  a similar  disposal 
deal. 

Shares  in  United  closed 
unchanged  last  night  at  239p, 
valuing  its  offer  of  shares,  cash 
and  convertible  preferred 
shares  at  about  234p  for  each 
Imperial  share.  Hanson  dosed 
at  183p,  down  lp,  making  its 
offer  of  shares  and  convertible 
stock  worth  374p  a share,  and 
its  shares  and  cash  offer  worth 
336p  a share.  Imperial  closed  at 
344p,  up  5p. 

Lee  rednees 
stake  In 
Media  Tech. 

Lee  International,  the  world’s 
largest  supplier  of  equipment  to 
the  film  industry,  which  is  to  be 
floated  on  the  stock  exchange 
next  week  has  sold  2.6m  shares 
in  the  USM  quoted  Media  Tech- 
nology International. 

The  shares  have  been  placed 
with  institutions  as  a part  of 
Lee’s  pre-flotation  arrange- 
ments, and  have  reduced  its 
stake  in  the  group,  which  hires 
out  film  cameras  and  lenses,  to 
29.9  per  cent. 

Lee  was  poised  to  come  to  the 
market  last  autumn,  but  the  t 
flotation  was  delayed  following 
the  acquisition  of  Humphries 
Holdings.  The  company  is 
owned  by  brothers  Mr  Benny 
and  Mr  John  Lee  who  founded 
the  company  in  1961  and  have 
built  it  up  into  a group  with  a 
likely  flotation  value  of  £100m. 

Demerger  extends 
bid  for  Extel 

Demerger  Corporation's  un- 
usual £173ni  hostile  takeover 
bid  for  Extol,  the  business  and 
sporting  information  group,  has 
been  accepted  by  the  holders  of 
just  0.2  per  cent  of  the  com- 
pany’s ordinary  shares  by  the 
first  closing  date.  The  offer  has 
been  extended  until  April  11. 

Mr  Alan  Brooker,  Extel’s 
chairman,  said:  “We  are  dis- 
appointed thev  have  chosen  to 
extend  the  offer  as  it  appears 
to  be  a wasteful  exercise.” 

Thos.  Robinson 

Pre-tax  profits  of  Thomas 
Konipson  & Son,  engineer  and 
machine  maker,  dropped  from 
*>97,000  to  £411,000  for  the 
year  ended  December  31  1985, 
on  lower  turnover  on  £10.15m. 
against  £11 .37m. 

Profits  were  after  interest 
pavable  of  £47.000  (£57,000)  and 
included  share  of  associate’s 
profit  of  £6.000  (£4.000).  Tax 
took  £49.00°  (£84,000)  and 

stated  earnings  per  25p  share 

wer5-"':'jP  ffl*7p).  There  is  again 
no  dividend. 

Armitage  Brothers 

Armitage  Brothers,  pet 
product  maker,  suffered  a fall 
in  pre-tax  profits  from  £366,000 
to  £246,000  for  the  28  weeks  to 
December  14.  1985,  in  spite  of 
turnover  £lm  higher  at  £9.59 m. 

Net  interest  payable  rose 
riST&L  !r-0m  £107.000  to 

tax  01  £96.000 
(£143.000)  earnings  per  £1  share 
were  37p  (56p). 

Reliable  Properties. . ! 

Pre-tax  profits  of  Reliable 
Properties  fell  from  £478,000  to 
£252,000.  for  the  half-  year  to  .. 
December  31,  1985.'  Earnings 
per  25p  share  declined,  from 
I0.9p  to  6.3p,  but  the  net  interim 
dividend  is  maintained  at  1.25p.  • 
Net  profits  on  the  sale  of 
properties  were  £256;00ff 
(£400.000),.  while  rent  and.' - 
charges  receivable  came  - to  • 
£S45.000  (£857,000), ' Property 
outgoings  totalled  £361,000 
(£516,000) 


INTERNATIONAL  COMPANIES  and  FINANCE  13 


BHP  on  target  for 
record  net  profits 


Jardine  Matheson  reduces  deficit 


BY  DAVID  DOPWELL  IN  HONG  KONG 


i , by  lachlan  Drummond  in  Sydney 


S?* and  industrial 
S22.  wh,ch  is  Australia’s 
«rgcst  company,  is  on  target 
*or  record  profits  this  war 
following  a 5l!  per  com  gain  ;n 

mUe-^In,nfis  10  A8B13..I 

U'SS5i9.fimt  for  the  first  nine 
months. 


i \ 


has  lately  acquired  about  19  prr 
cent  nf  Bell  Resources. 

But  the  company  did  have 
plenty  ;o  say  About  us  pattern 
of  trading  in  the  latest  quarter, 
up  to  the  end  of  February. 

In  rhe  quarter  Jhr  petroleum 
_.  . srnup  was  ihn  main  force,  with 

inp  result  lnd'idAs  a ?A  per  profit  :;p  from  .Y«117.3ia  to 
^ent  improvement  to  A^as.^rn  A$14nnm.  refleet HJ  higher 
»or  the  third  quarter.  BHP  said  dome-lie  »;I  price?  and  :n 
yesterday  that  cuireney 
influences  had  been  favours h?>\ 

*nd  that  most  group  products 
Wlt'1  strong  dt'mand. 
nurd  quarter  fnmnvrr  ro-«* 

38  per  cent  to  AS2  Wbn. 

BHP  has  already  forecast  an 
increase  to  net  profit*  before* 
minorities  of  ASI.025bn  for  tins  «■!?■ 
year— ending  May.  iflSK.  There-  1-fJ 
after  the  group  expects  Iuimt 
results  following  the  fall  m oil 
prices. 

The  company  had  m>  comment 
to  make  yestcrd.iv  on  its  take- 
over wrangle  with  Mr  Robert 
Holmes  a Court.  the  pi>rUi 
businessman,  air  Holr.es  & 

Court’s  Bell  Re«ot:rt’<?s  group  r- 
making  a partial  hid  Tor  BHP. 

As  a defensive  mea>un?,  BHP 


price? 

crec-sed  export?  *«f  nil.  For  (he 
n:r.r  JnnqUis  petroleum  cn/s- 
;~.lvj:rd  A54uL,ni  jgam-t 

Steel  was  well  up.  ristnu  £roin 
AS31 9m  in  for  ihe 

quarter  and  from  .V«I2l  7m  to 
AS1‘M  im  for  the  n.ne  month*, 
the  quarterly  grow  Us 
•.■onuire  irosn  higner 
dome  >»!•>. 

Thv  I’tah  iniernat>nn.il  croup 
rose  from  A?3.Y7ai  !n  AS47.3m 
in  the  quarter  : nrt  from 
A$97.?in  In  A$14*.4m  for  I lie 
nine  month*.  rcflcJinj  lusher 
tnipmcn's  :»nd  better  maren-*. 

T:*o  nvn-r.-!.*  _rc-i:p  ir- 
crc.efd  sfTfpni-.'iTS  .n*f  *>.iw  thirl 
quirmr  profits  r:-o  L»v  .\$23.4m 
fo  AilSYin 


: .f.tnoivr'  MATHESON.  Hon? 

Knnc’s  oldest  colonial  trading 
: company  yesterday  reporter! 
I losses  amounting  to  HKS793m 
j lies  and  extraordinary  items. 
I of  HKS2fi9sn  I VS$34.3m1  — a 
. Mcnificant  improvement  after 
; !use?  amounting  to  HKS793ro 
! Ia>t  year. 

i Signalling  the  group’s 
i recouperaiiun  after  three  yf 
1 the  mo**  precarious  years  in 
M"  I4U-year  history.  Mr  Simon 
( Keswick,  chairman,  confirmed 
; the  successful  withdrawal  from 
-hipfiwnuK!  — alb*‘it  at  a cost 
of  aimut  flK$l.2hn  — and  a 
significant  reduennn  in  riebi 
Contradicting  him*  Si' on 
earlier  tins  year.  Mr  Keswirk 
1 insisted  (here  were  no  plans  «o 
di>posc  of.  or  to  dilute.  .tor- 


rtinc’jt  .15  per  cent  holding  in 
Ilonskanc  Land  — a move  that 
would  unleash  .substantial 
fund?  for  Fresh  investment,  and 
reduce  Hie  group’s  heavy 
dependence  on  operations  in 
Hong  Kong. 

.Jjrdine’s  Sflbn  invest  mem  in 
f/migkon?  Land  has  cost  the 
company  dear  over  the  past 
three  years.  bur  <«gn«  of  a 
strong  recovery  now  underway 
have  evidently  persuaded  .Far* 
dim*  ni  retain  their  holding 
for  now  ,iu?f  three  weeks 
agn.  Hongkong  l-mri  revealed 
significantly  improved  profits 
fer  IMS.  and  a resumption  of 
dividend  payments  for  the  first 
lime  in  three  and  a half  years. 

Jardine  s group  turnover 
amounted  to  HKSIOJibn.  up 


IS  per  cent  from  1984. 
Operating  profits  of  HKS390m 
and  earnings  from  associates 
or  HK$532m  were  eroded  by  a 
HKSl44m  exceptional  cost  in 
writing  off  oil  and  gas  explora- 
tion activities  and  interest 
a mounting  to  HK$213m  to 
service  debt.  This  left  an  after 
tnx  profit  of  HKSlaTm— up  from 
HKSSOm  in  19S4. 

An  rxiraortl  inary  low  oF 
HK$426m  — which  compared 
wiih  extraordinaries  or 
HK$73ni  in  1 9S4— was  largely 
due  lo  provisions  against  ship- 
ping operations  amounting  to 
HKS524m.  and  left  the  group 
with  an  attributable  loss  of 
HKS2R9m.  No  extraordinary 
provisions  are  expected  this 
year. 


.Jardine’ s term  debt  was  cut 
from  HK?4.2bn  at  the  end  of 
1884  to  HKS2.7bn  at  the  end 
or  last  year,  bolstering  the 
groups  ratio  of  debt  to  equity 
from  100  per  cent  to  57  per 
cent. 

Mr  Keswick  said  strongest 
growth  in  1985  had  come  from 
financial  services,  which  have 
recently  been  further  strength 
ened  by  the  USS61.8m  acquisi 
lion  of  Emctt  and  Chandler 
the  US  insurance  group 
Marketing  and  distribution  and 
operations  of  Hongkong  Land 
also  grew  strongly. 

Expansion  in  the  coming  year 
would  be  in  these  areas  and 
geographically  in  ’ Japan,  the  US 
and  Britain. 


CREST  NICHOLSON 


■ i ne rowing company raw i « 

conveying  systems,  optical  products,  electronics  and  manna  sew 

Record  Results  in  1985 


EUROPEAN  OPTIONS  EXCHANGE 

Mar  A'j?.  * hcj. 

Srr>c*  Vol.  Uu  t Vet.  L.ift  Vo>.  Lilt  Slock 

GOLD  C 

PSAO 

raa 

:;.90 

125 

j 

. 

28.5-7 

« 353.60 

COCO  c 

MSC 

S9 

4 

55 

1 

OOU3  C 

S4G2 

1 

2.201 

4Q 

_ 

GOLD  P 

S2«<0 

C.40 

. - 

GOLD  P 

J 333 

245 

5B 

f 

GOLD  P 

IWO 

L*5 

5 

130 

7.5'J 

GOLD  P 

*330 

- 

J30 

15  A 

- 

M.ir. 

;:pb 

Sect. 

r-n.  c 

FIJ70 

JOO 

10.53 

33 

13 

13 

J5.3np|.30l.»l: 

l .FL  C 

Fl.SRO 

IS'. 

1.25 

7.3G 

5 

9 

C.FL  C 

FI.3B5 

17 

S? 

5.90 

r.-n.  C 

tn,S90 

35 

. 4.50  A 

5 

6 

£FL  C 

FI.403 

9Q 

2.40 

M 

3 SO 

f FL  c 

F|.«S 

IJ3 

l.M 

7 

2.5U 

L'R.  P 

Fl.jd'J 

1 16 

0.52 

- 

• • • 

- FL  P 

F1.39C 

53 

I3.4C 

S.  FL  C 

FI.250 

A 

Fl.Z53.13 

5 FL  C 

Ff.JSS 

505 

e.d.7 

1 

* FL  C 

n.sKd 

50 

0.03 

22 

4.33 

5 

P.BO 

t FL  C 

FI.SES 

37 

2,80 

6 

4.70 

1 

"FL  P 

FI. 245 

375 

n.o» 

50 

* 711 

8 FL  P 

Fi.250 

204 

0.05  A 

I-! 

SiFL  P 

Fl.255 

2!2 

I 

95 

H 

s: 

11. BO 

e FL  p 

FI.26D 

1C7 

5.70  E 

21 

1 1.59 

i 

14.50 

F'FL  P 

F!.2«5 

231 

:0.73B 

— 

30 

16.80 

8 FL  P 

Fl.»7a 

:bo 

13.SC  B 

_ 

- 

* 

S FL  P 

FI. 275 

40 

20.80  6 

30 

22.50 

I 

29. EO 

S FL  P 

FI.2BC 

113 

26 

2 

27 

1 

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Fl.390 

;i« 

35.93 

at 

F FL  P 

Fl.293 

171 

4) 

120 

42.50 

; 

F FL  P 

Ff.JlO 

117 

55 

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F 1.320 

a jo 

53.20  A 

- 

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AD". 

July 

Oct. 

ABN  C 

Fl.340 

i:o 

Jfi  B 

■ 1 

51 

e 

49 

FI.  584 

ABN  P 

FI.9BO 

es 

7.63 

3 

15.53 

AEGN  C 

Fi.lin 

37 

J.:o 

24 

fi.rC. 

9 

B.40 

Flloa.SO  ' 

AH  C 

ft. as 

90 

5 .BO 

22! 

!.R7  B 

10 

6 

Fi.ai 

AH  P 

F!.en 

149 

2.40 

4.70 

, 

AKZO  C 

Fl.iPO 

395 

11.40 

zs 

!3.i.7 

3 

17.80 

Fl.loB.M 

AKZO  P 

Pi.  a 70 

3.50 

SlT 

9.40  0 

10 

10.93  1 

„ 

AMEV  P 

FI.7S 

-’3 

45 

1 

TO 

6R 

FI.  77.10  . 

AMRO  G 

Fi.lin 

r:s 

l.4> 

6 

5.40 

19 

7.50 

Fl.10o.20 

AMRO  P 

Pl.105 

i^i 

3 

13 

6.50 

IP 

7 50 

• 

GIST  C 

FI  son 

120 

1.50 

* 

5 -0 

F|.  200.31 

GIST  P 

FT  .290 

IS 

n 

•j 

mi 

I 

, 

HEIN  C 

FI.C30 

:9l 

j ; 

109 

IS 

ii 

M 

FI. 241.  Ml 

HEIN  P 

Fl.220 

104 

O.fiO 

'•> 

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„ 

HOGG  G 

PI.  ICO 

744 

1.7.3 

245 

4.20 

59 

6.53 

Fi.es.  is 

HOOG  P 

FI  93 

M 

1 

157 

3.60 

J4 

5.59  S 

>1  Si 

KLM  C 

F!.«r- 

470 

0.50 

5!0 

! 50 

170 

s.<ya 

Fl.51.i0 

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FI  V 

4 .'9 

t TO 

20.1 

3 

c 

4.20 

• • 

NEDLC 

PfJMC 

-ai 

2.90 

56 

f-  BOB 

FJ. 177.70  I 

NEDLP 

FI.XGO 

7.50 

-- 

..  1 

PHIL  C 

FI.65  1595 

I.eO 

3B4 

■1 

237 

t ?n 

FI.  64.30  . 

PHIL  P 

Fi.oa 

90 

0.20 

AfS* 

2.20 

3.?0 

' 

TO  C 

Fl.lTO 

347 

IP.SO 

350 

!?A 

72.' 

19.10 

F>.  186 

TO  P 

FI.1BO 

479 

2.13 

041 

B.SOB 

1:5 

11.50 

ROBE  G 

FI. 95 

107 

2.20 

IB 

3 

FI.  92.23  1 

WNIL  C 

Fl.ASO 

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UU*  19.50 

7 

26.50 

FJ.4I5.2D 

UNU.  P 

PI. 4Q3 

03 

S A 

64 

1« 

3 

20 

..  , 

1 TOTAL  VOLUME  IN  CONTRACTS.  30. 

392 

1 

A-Ask 

Q.  Bid 

C -Call 

P-P'Jt 

i 

Goedde  quits 
top  post  at 
I Krupp  Stahl 

Bgr  Peter  Bruce  in  Bonn 
; MR  ALFONS  GOEDDE,  chief 
exccufiii*  at  Krupp  Stahl  of 
West  Germany,  has  resigned. 
Krupp  officials  said  yesterday 
that  Mr  Goedde  had  asked  the 
group’s  supervisor*  board  tn 
release  him  front  his  contract 
fur  “ personal  reasons.” 

.Mr  Goedde’s  surprise  resig- 
nation conies  after  Krupp. 
alunu  with  most  other  West 
German  steel  producers,  had 
begun  In  report  a sharp 
rev  every  In  its  fortunes.  The 
company  said  that  talks  of 
differences  between  Mr 
Goedde  and  Mr  Wilhelm 
Schcider.  the  chairman  of  the 
Krupp  holding  company,  was 
basclrxs. 

.No  immediate  replacement 
was  named.  Mr  Goedde.  57. 
had  headed  Krupp  Stahl  since 
l'jjtn.  during  which  time 
Krupp  has  dramatically  rut . 
steel  making  and  rolling 
capacity  in  an  effort  to  counter 
overcapacity  In  western 
Europe. 

Thyssen  sees 

continuing 

progress 

By  Our  Financial  Staff 
THYSSEN.  the  West  German 
steel  and  industrial  group 
which  stapl'd  a big  profits 
recovery  last  year,  looks  for. 
ward  In  further  progress  m 
the  rnrrent  12  months. 

Despite  a decline  in  steel 
larmier,  group  sales  are  . 
likely  lo  rise  by  aim  at  4 per  ■ 
cent  in  the  first  half  of  the  | 
year  ending  September  lfifffi 
and  all  dii  isions  should  make  f 
a profit.  The  expectation  is  . 
for  a good  full  year  result, 
the  company  said. 

The  group  gave  no  detailed 
breakdown  of  sales,  hut  said 
both  I he  trading  division  and 
the  capital  goods  subsidiary. 
Thyssen  Industrie,  had  seen 
ig  rises  in  some  areas. 
Sales  at  Hie  US  processing 
unit.  The  Budd  Co.  remained 
a high  level. 


Israeli  bank  sells  majority  stake 


BY  ANDREW  WHITLEY  IN  TEL  AVIV 


A MAJORITY  charolmlding  in 
Hie  Fir?t  International  Rank  of 
; Israel  iFIBlt.  generally  con- 
•’  -idered  }Jje  mnst  innovative  of 
Israel’s  ”hig  five"  cnininerria! 

• Junk-,  lias  been  sold  Tor 
. USSUliit  to  a group  of  private 

investors  led  by  Mr  Jack  Nas-er. 

• a New  York  businessman. 

KIRI  was*  formerly  controlled 
. by  The  Hanot  Investment  Cam- 
I pnny.  an  Kiaeli  holding  rom- 
pany  which  went  into  voluntary 
‘ iiqmdaiion  ln-t  year,  leaving 

• debts  e-lunab’d  at  S4ffm. 

1 Sale  of  tlie  Da  not  holding  was 
■ conducted  through  a pithlic 
auction  nn  Thursday  niglu 
; j.upervis-'d  by  Uie  Bank  of 
' IsraeL  in  which  a flour  pr:u> 
i nf  $28m  was  si’l. 


To  acquire  control  of  FXBI, 
whieli  had  capital  nf  S139m  and 
asvMs  totalling  $808m  at  the 
pnd  of  1985.  Mr  Nasser  beat  off 
rival  bids  from  three  other  in- 
terested groups:  one  Australian 
and  two  Canadian,  including 
Mr  Charles  Bronfman,  the 
multimillionaire  co-owner  of  the 
Seagram  distilling  group. 

Mr  Nasser,  who  had  pre- 
viously expressed  interest  in 
purchasing  ATA.  the  biggest 
Israeli  textile  company  which 
collapsed  last  year,  said  he  had 
decided  to  buy  FIBT  because  of 
Ins  “I  rust  in  the  bank’s  current 
management  and  staff.”  Mr 
Zadik  Bmo.  its  managing  direc- 
tor. is  highly  regarded  in 
Israeli  financial  circles. 


FIBTs  new  owner  added  that 
be  believed  in  the  future  of 
Israel  and  the  profitability  of 
investing  in  what  he  considered 
to  be  a sound  economy. 

Since  its  establishment  in  the 
early  1970s.  control  of  FIBT  has 
changed  hands  several  Draw;. 
Before  being  sold  to  Danot  in 
1981.  it  was  owned  by  the 
Eixenbcrg  family  group.  The 
Bank  of  Israel  said  yesterday 
that  Mr  ShauJ  Eisenberg’s 
Israel  Corporation  had  up  to  a 
few  days  ago  been  interested  in 
reacquiring  control. 

Earlier  this  month  FTBI  re- 
ported net  profits  of  SlSJlm  for 
its  1985  financial  year,  up  by 
10.7  per  cent  on  the  previous 
year. 


Sunshine  Mining  warns 
of  further  rise  in  losses 


BY  MARY  FRINGS  IN  DALLAS 


. SUNSHINE  MINING,  the  fully- 
i integrated  US  silver  producer 

• with  recently-acquired  ait  and 
j gas  interests,  has  warned  sharc- 
' holders  that  losses  for  1985  may 

reach  SoSm.  about  60  per  cent 
■ higher  than  the  company  fore- 
i cast  in  November. 

• Mr  C,.  Michael  Boswell. 

' chairman,  said'  " I did  not 

foresee  the  worsening  environ- 
: mem  in  our  principal 
; husinessev.  which  made  my 

expectations  for  the  fourth 
' quarter  wrong.  ” He  had 

earlier  forecast  the  company 
i would  break  even  in  ihe  final 
’ throe  months  of  19S5. 

I Even  though  npera'inn?  in  Hie 
. fourth  quarter  molded  ,•»  positb-e 
: cash  fiow  of  55.5m  and  results 
] re  fle  ted  only  a modest  loss,  the 
] continued  rapid  deterioration  of 
I silver  and  rnule  »«il  prices 
| dictated  non-cash  write-downs  in 
j asset  values  and  establishment 
i of  loss  reserves,  lie  said. 


Those  would  contribute  to  a 
loss  for  the  period  of  about 
S2-m  before  provision  for  pre- 
ferred dividends. 

Mr  Roswell  noted  that  silver 
prices  now  stood  at  about  $5.57 
an  ounce,  against  averages  of 
S6.444  for  1985  and  $8.14  and 
511.44  for  the  two  previous 
years.  Meanwhile  crude  oil 
prices  had  declined  more  than 
50  per  cent  in  the  past  two 
months  and  severe  downward 
pressure  nn  natural  gas  prices 
could  scarcely  be  avoided. 

• The  Malaysian  tin-producing 
Ayer  Hit  am  Tin  Dredging  re- 
ports a net  profit  for  the  first 
half  of  the  year  to  June  30  of 
MS2.09m  (S824.000).  or  34  cents 
per  share,  compared  with 
M$2.54m.  The  total  for  the  full 
12  months  to  last  June  was 
M$5.?4m,  writes  Kenneth  Mar- 
ston. 


Poseidon  plans 
A$14.4m 
rights  issue 

By  Kenneth  Manton, 

Mining  Editor 

POSEIDON,  the  fallen  star  of 
the  Australian  nickel  explora- 
tion boom  which  rose  from  the 
ashes  to  become  a dividend- 
paying gold  investment  com- 
pan  v,  yesterday  announced  a 
ASM. 4m  (USSlOm  or  £6J35m) 
rights  issue  and  a fall  in  half- 
year  profits  to  AS532.000  from 
AS3.1m  a year  ago. 

The  terras  of  the  rights  issue 
are  one-for-four  at  a price  of 
AS2  (about  95p  compared  with 
a current  London  price  of 
around  140p)  per  share  to 
holders  registered  on  April  14. 
the  new  shares  ranking  for  divi- 
dends after  end-1986. 

Poseidon  said  that  the  new 
funds  would  be  used  for  the 
development  of  the  67  per  cent- 
owned  Mt  Carbide  tungsten 
mine  and  for  mineral  and  oil 
exploration.  The  aim  is  to  re- 
duce the  dependence  for  earn- 
ings on  the  47  per  cent  interest 
in  Kaigoorlie  Lake  View. 


Imperial  Oil  to  cut  1,800  jobs 


London  options  unavailable  for  this  edition 


The 


Royal  Air  Force  Benevolent  Fund 
repays  the  debt  we  owe 


The  Kraal  Air  Force  reached  a peak  strength  ot 
1,200.000  m 1944  and  mere  ihan  IV.  millra  men  and 
women  served  during  the  war  >cars. 

Thousands  dki  not  corns  tack.  Maav  lie  in  the  forpM- 
ten  corners  of  earth  and  sei.  Many  thousand?  more 
were  left  disabled  - menially  and  phytical!;’. 

Each  rear  demands  on  ihe  Fund  are  increasing  as  the 
survivors  cf  World  War  n and  their  dependants  grew 


nlJer  and  increasingly  vulnerable  w infirmity  and 
economic  hardship,  fo  carry  on  its  work,  the  Royal 
Air  Force  Benevolent  Fund  must  raise  over 
£5,000,000  annually. 

Vie  need  your  help.  Evetv  donation  we  receive  means 
we  hare  more  lo  give.  Please  remember  the  Fund  in 
your  VTfll;  advice  on  legacies,  bequests  and  covenants 
is  gladly  given.  If  you  know  of  anyone  who  might 
quality  tor  help  from  the  Fond  please  let  us  know. 


Royal  Air  Force  Benevolent  Fund 

ft-  rerdasd  Flare,  London  WIN  4.\RTdepbone-  01-580  8343 
Rcgbtarcd  under  toe  V:  »r  Chann«  Act  1140  and  she  Charrtjn  Act  I960  RepcraticnNo.  207327 


All  change 
at  Charing  X. 

Today’s  hospitals  are 
about  symptoms  and  Alness. 
We  want  to  change  att  that 
Charing  X Medical 
Research  Centre  is  about 

causes  and  health. 

Because  the  best  of  cures 
is  many  times  worse  than 
not  being  ill  in  the  first  place. 
Agreed? 

Then  please  support  us! 


A hundred  pounds  to  make  patients  more 
comfortable  is  soon  completely  used  up. 

The  same  hundred  pounds  directed  at  rooting 
out  a disease  may  never  be  used  up.  If  research 
to  that  end  is  successful  then  die  suffering  it 
prevents  b limitless.  Incalculable  numbers  of 
people  will  benefit  for  generations  to  come. 

We  need  gifts  from  companies,  charitable 
trusts,  societies,  schools  and  not  least  from 
individuals  if  our  appeal  is  to  succeed. 

So  please  act  now: 

["charing  C ROSS 
1 MEDICAL  RESEARCH 
CENTRE  APPEAL 
Kearcsrcdyror  donation,  as  seen  as  possible. 
t«  The  KaairaryTrcaffliner.  Chahaguoss 
Mcical  Research  Cemrc  Appeal. 

J00  Head  Street,  LcndcaEC^2.^X 

Name: 


Address:. 


Ltaouni  Enclosed: — _ L ' • . • J 

Tt-:-  l'r  .Visin'  fr Jj-nrul  y] 


BY  BERNARD  SIMON  IN  TORONTO 


IMPERIAL  OIL.  Canada's  bic- 
£csf  oil  company,  plans  lo  cut 
its  workforce  by  about  12  per 
cent  or  1.800  jobs  in  response 
to  lower  oil  prices  and  an  over- 
supply  of  petrochemicals  and 
other  refined  products. 

Imperial  is  the  laicst  of 
several  Canadian  oil  and  cas 
producers  to  implement  staff 
cuts  and  other  cost-cutting 
measures.  The  company.  70  per 
cenl  owned  by  Exxon  of  the 
US.  said  it  would  cut  the  jobs 
!>y  June,  ft  wifi  offer  early  re- 
tirement incentive?  to  older 
emo Inypcs  and  encnuraur  nrhers 
to  leave  voluntarily,  and  lay  off 
the  remainder. 


Imperial  said  it  was  re-exam- 
ining its  capital  spending  pro- 
gramme. which  reached  a record 
C51.2bn  fUSSSSOm)  in  1985. 
Among  the  projects  under 
scrutiny  is  the  next  phase  of 
iis  Cold  Lake  heavy  oil  project 
in  north-east  Alberta. 

The  bulk  of  the  redundant 
job?  arc  In  the  refining  and 
chemicals  divisions.  Imperial’s 
petroleum  products  earnings 
dropped  to  C593m  last  year 
from  CS146m  in  1984.  Income 
from  chemicals  fell  from  C522m 
to  C.S3m.  partly  because  of  weak 
prices  and  fewer  export  oppor- 
tunities. 

Western  Canadian  oil  and  gas 


producers  and  other  interests 
have  begun  to  formulate  pro- 
posals for  government  assist- 
ance to  cushion  them  against 
the  drop  in  prices.  The  Federal 
Government  is  likely  to  be 
asked  to  speed  up  the  abolition 
of  the  12  per  cent  petroleum 
and  gas  revenue  tax.  presently 
due  to  be  phased  out  by  1989. 

There  have  also  been  calls 
for  a floor  price  to  be  set  for 
domestic  production  to  protect 
western  producers.  Ottawa 
angered  the  oil  and  gas  indus- 
try during  the  1970s  by  artifici- 
ally holding  down  domestic 
prices. 


Sales 

Pretax  profits 
Earnings  per  share 
Dividends  pershare 


.1385 

£t  10,021,000 
£9,201,000 
13,18p 
4.1 5p 


1984 

£90,837,000 

£0520,000 

11,53p 

3.75p 


4= 


Increase  in  profits  fbrthe  eleventh 
consecutive  year 

14%  increase  in  earnings  per  share 

Recent  merger  with  C H Pearce  St  Sons 
pic  announced  21st  October  1 985 

Another  good  year  is  expected  in  1986 


t j 


Accounts  available  from  rite  Secrotar/, 

Crest  House,  Station  Road,  Egham,  Surrey  TW209NP  j 

Thisadvertissment  has  been  arranged  to  correct  the  text  of  the  j 

advertisement  published  in  the  Fmanc&i  Times  on  2Qth  March  and  , 
JnvestottChronicte  on  21st  March  1986.  The  alteration  is  shown  in  j 

italics. 


Granville  & Co.  Limited 

Member  of  The  National  Association  of  Security  Deelere 
and  investment  Managers 

8 Lovat  Lane  London  EC3R  8BP  Telephone  01-621  1212 


I 

1212  }|j 


Over^the-Counter  Market 


P/E 


Hmh 

Low 

Comosny 

Gross  Yield 

Price  Change  dnr.(p)  V. 

Fully 
Actual  taxed 

148 

118 

Aim.  Bor.  (nrf-  Ord.  . . 

134 

— 

7.3 

54 

8.2 

7.7 

151 

121 

An  Bn  1.  Ind.  CULS... 

139 

w- 

10.0 

7 2 





75 

43 

Ainumme  Group  

71 

6.4 

90 

11.8 

15.4 

48 

33 

Anrntoee  end  Rhodes... 

35 

— 

4.3 

12  3 

4.3 

5.2 

177 

1QB 

Bardon  Hill'  

177 

— 

4.0 

2 3 

22.4 

23.3 

84 

42 

Brey  Technologies 

56 

— 

3.3 

7.0 

6.8 

7.9 

201 

13B 

CCL  Ordinary  

138 

— 

12.0 

8 7 

3.4 

3 2 

152 

97 

CCl  11  pc  Conv.  Prel. 

99 

— 

15.7 

15-9 



— 

l-=3 

m 

Carborundum  Ord. 

150 

4-  2 

4.9 

3.3 

7 4 

11.B 

94 

83 

Carborundum  7.5pc  PI. 

91 

— 

10.7 

11  3 

— 

— 

65 

46 

Deborah  Services 

56 

— 

7.0 

12.5 

58 

7.7 

32 

20 

Frederick  Parker  Group 

23 

— 

— 

— *- 

■*— 

— 

107 

FO 

(li-oipn  Bleir  

107 

+ 1 

— 

— 

4.4 

7.9 

68 

20 

Ind.  Precisian  Castings 

62 

. — • 

3.0 

48 

16  4 

13  7 

21 8 

161 

Isis  Group 

165 

— 

15.0 

a 1 

12.7 

19  0 

122 

101 

Jackson  Group 

121 

— 

55 

4 5 

8.1 

8.1 

345 

228 

Jamas  Burro  ugh  

345 

— 

15.0 

4.3 

10.9 

10.9 

98 

85 

James  Burrougb  9pcH. 

98xd 

12.9 

13  2 

■ 

— 

95 

62 

John  Howard  and  Co. 

62 

— 

5.0 

8.1 

4.3 

7.8 

1200. 

570 

Mmihpuss  Holding  Nv 

1160 



6.9 

08 

50.7 

48.1 

82 

32 

Bo  bon  Jonklns 

69 

— 

— • 

— 

9.0 

19.7 

34 

28 

30 

— 

■ 

— 

— 

7.7 

S? 

56 

T ordsy  and  Carlisle  .. 

69 

— 

5 0 

7.2 

3.5 

6.3 

370 

320 

Trevian  Holdings.- 

330 

— ^ 

7.9 

2.4 

53 

25 

Unilock  Holdings 

52 

— 

2.1 

4 0 

14.1 

13.8 

ISO 

*11 

?5 Oxd 

+ 3 

3.S 

5.7 

8 5 

226 

195 

W.  S.  Y sates  - 

200 

17  4 

87 

5.7 

9 B 

f 


IE/ 

ll! 

If: 

/ft: 


ij: 


The  Charities 
Official  Investment  Fund 

Annual  Report  1985 

•Income  Share  value  rose  by  9.3 % 

•Dividend  increased  by  12.7% 

•Accumulation  Share  rose  by  14.7% 

•Successful  launch  of  associated  Charities 
Deposit  Fund 


SC 


Dividend  1985 

The  Delegates  Meeting  of  March  21st  1986,  has  decided  to  pay  on 
each  share  at  par  value  SFr500  and  on  each  participation  certificate 
of  par  value  SFr  50  the  following  dividend: 

Shares  (Security No. 132054  (Telekurs)) 

Coupon  No.  53 

Gross  SFr70 

Less  35%  Swiss  Witholding  Tax  SFr  24.50 

Net  SFr  45 .50 

And 

Participation  Certificates  (Security  No.  132059  flelekurs)} 
Coupon  No.  8 

Gross  SFr  7 

Less  35%  Swiss  Witholding  Tax  SFr  245 


Net 


SFr  4.55 


The  coupons  can  be  presented  for  payment  -free  of  expenses  - at  any 
of  our  branches,  from  March  24th,  ^ 1986. 


VOLKSBANK  LETTER 

Volksbank  Letter  1/86  contains  a comment  on  the 1985 results  as  we/fas  a forecast 
on  the  immediate  future  prospects  for  the  bank  ftcan  be  obtained  from  the securities 
desk  of  any  branch. 


Please  send;  Q COfF  19S5  Annual  Report 

□ Charities  Deposit  Fund  Report 


Name 

Address. — 


LESS-  _ 


SWISS  VOLKSBANK 


BASE  LENDING  RATES 


SF: 


ABN  Bank  1IJ5 

Allied  Dunbar  Sc  Co.  11 

Allied  Irish  Bank 11}% 

American  Express  Bk.  11}% 
Anxrn  Bank 11}% 

Henry  Ansbacher 11  j% 

Associates  Cap.  Corp...  11}% 

Banco  dc  Bilbao  11!% 

Bank  Hapoalim  12i% 

Bank  Leuini  (UK)  11}% 

Bank  Credit  & Comm.  12} '7, 

Bank  of  Ireland 11}% 

Bank  of  Cypnl> II  !■% 

Bank  of  India 11}% 

Bank  of  Scotland  11 1% 

Banquc  Bei.ce  Lid.  ...  111% 

Barclays  Bant;  iu% 

Reneficiai  Trust  Ltd....  13}% 
Brit.  Bank  of  Mid.  East  11}% 

■ Brown  Shipley  11}  % 

CL  Bank  Nederland  ...  11}  % 
Canada  Permanent  ...  11*  % 

Cayzer  Ltd 1U% 

Cedar  Holdings  13  % 

■ Charterhouse  Japhct...  11*% 

CiUbank  NA  Il*% 

Citibank  Savings  

City  Merchants  Bank..;  12}% 

Clydesdale  Bank  11  i% 

C.  E.  Coates  & Co.  Ltd.  13  % 
Comm.  Bk.  N East  ...  II 1% 
Consolidated  Credits...  12}% 
Continental  Trust  Ltd.  II*  % 

Co-operative  Bank *11*% 

The  Cyprus  Popular  Bk  II 

Duncan  Lawrie  Jl*% 

E.  T.  Trust  13  % 

Exeter  Tru.st  Ltd. 32  % 

Financial  fc  Gen.  Sec.  111% 
First  NaL  Fin.  Corp..,.  13}% 
First  Nat.  See.  Ltd.  ...  13}% 

■ Roberr  Fleming  & Co.  11J% 
Robert  Fraser  & Pin.  12}% 


GrindJays  Bank Jll}% 

■ Guinness  Mahon  11*% 

■ Hambros  Bank  11}% 

Heritable  & Gen.  Trust  11}% 

■ Hill  Samvel §11<% 

G.  Hoare  & Cn 11 1% 

Hongkong  & Shanghai  11*  % 
Johnson  Matthey  Bkrs.  114% 

Knows  ley  Co.  Ltd 12"% 

Lloyds  Bank  11}% 

Edward  Manson  & Co.  12}% 
Pfeghraj  & Sons  Ltd....  il|% 
Midland  Bank 111% 

■ Morgan  Grenfeli  11}% 

Mount  Credit  Corp  Ltd.  11*% 
National  Bk.  nf  Kuwait  11}% 

National  Girobank 114% 

National  Westminster  11}% 
Northern  Bank  Ltd.  ...  ii}% 
Norwich  Gen.  Trust  ...  114% 

Peoples  Trust 12}% 

PK  Finans.  Inti.  (UK)  13  % 
Provincial  Trust  Ltd.  13}  % 
R.  Raphael  & Sons  ...  111% 
Roxburgbe  Guarantee  13" % 
Royal  Bank  of  Scotland  111% 
Royal  Trust  Co.  Canada  11}% 
Standard  Chartered  ...  11}% 

TCB  11}% 

Trustee  Savings  Bank  11}  % 
United  Bank  of  Kuwait  114% 
United  Mizrahi  Bank...  n*% 
Westpac  Banking  Corp.  12}% 
Whiteaway  Laidlaw  ...  12* % 
Yorkshire  Bank 11}% 

■ Mombors  ot  the  Accenting  Houses 
Committee. 

• 7-&ay  deposits  7.6SX.  1-monUi 
T«,p  Ti^r — E2.500+  nt  3 
fnontha  nnica  10.72V..  At  call 
whan  £10.000  + remains  deposited. 

t Cell  tieD'Kiis  £1.000  end  over 
BV.  gross. 

1 MortflDpe  base  rnte. 

5 d,°-  1B3-'  Mangage 

l3  i’y. 


i :r. 


WORLD  MOCK  IVIARIUI  i 5 


,new  York 


Mar.  Mar. 
20  IS 


AMR  Com.  \ 

ASA  i 

avx  corp"".:zr.::] 

Abbott  Labi 

Acme  Cleveland. 

Adobe  Rea 

Advanced  Micro. 


Mar.  J Mar. 

So  I 18 

B3i8  23 
13i*  1358 

621,  CQSa 
38fis  38I4 
165,  17 

SOU  80 

18  >8  18  lg 

8*8  95b 

3Q5b  505a 


68 

(H.F.l  60  ta 
Cham  Sli8 
Ivor—  28ib 

i 374 

ilnlum  345a 
ard—  44i) 
AAI...  37 

IrrtJ I 23ds 

37 
167a 
684 
747g 

64 


Chubb— > 

Cigna 1 

Cincinnati  Mil.  ...\ 

Citicorp 1 

Clark  Equipment’ 
Clave  Cliffs  Iron. 
Clave  El.  Ilium 

Clorox I 

Coastal  Corp 

Coca  Coll | 

Colgate  Palm 

Collins  Alkman.  J 

Colt  Inds. 1 

Columbia  Gas. 
Combined  Int...- 
Combustion  Eng. 

Common  with  Ed 

Comm.  Satellite. 

Comp.  Sciences.) 
Gomputenrtsfon .! 

Cons.  Edison 1 

Cons.  Freight — ■ 
Cons.  Nat.  Gaa...[ 

Cons.  Papers .1 

Consumer  Power 
Conti.  Corp j 


7654  747g 

764  | 764 
84  | 24 

e07B  605, 
£2  ! 2Slg 

164  , 164 
275s  I *74 
595s  664 

374  684 

1074  1074 
374  374 

374  377b 

704  714 

384  384 

654  64 

564  364 

34  334 

364  i 364 


• Alcoa — ..... | 

j Amax_ 

Amdahl  Corp... J 
Amerada  Hess 

Am.  Brandi j 

■T  Am.  Can  j 

Am.  Cyanamld .... 
Am.  Elec.  Power; 

Am.  Express I 

'Am.  Gen.  Corp  — 
Am.  Greetings— 


Am.  Hoist... 

Am.  Home  Prod. 

Am.  Inti.  Grp 

Am.  Medical  Inti. 

: Am.  Motors 

Am.  National 

Am.  Patrofina.— 

3 Am.  Standard 

Am.  Stores 1 

•Am.  Tel.  ft  Tel...  i 

l Ameritech -• 

: Ametek  Inc- 1 

1 Amfac ! 

Amoco...——....; 

.AMP. 1 

' Amsted  Inds 

■ Analog  Devices— i 
• Anchor  Hockg— ; 

■ An  house  r-Bh , 

, Apollo  Comp 

■ Apple  Comp— — i 
j Archer  Daniels...; 

Arizona  Pub  Ser., 
A rider.. 1 

■ Arm  co. • 


I Armstrong  WTd— I 584. 

I Asarco -|  2Ub 

Ashland  Oil  - — 46  4 
Assoc  Dry  Goods.  434 

! Atlantic  Rich 53Sg 

Auto.  Data  Pro—  664 

, Avantek. — 81 4 

1 Avery  Inti 465a 

1 Avnet— 375, 


l 105s  104 

771*  754 

1384  1383s 
28  225e 

4fis  44 
384  3B5b 
46  | 444 


Conti.  Illinois ( 94  94 

Coat.  Illris  Hldgs  05,  04 

Conti.  Telecom—1  294  29 

Control  Data ! 254  *54 

Converg. Techs  — | 11  ; 114 

1 I 

Cooper  Inds 49  4 > 494 

Coors  Adolf 2678  [ 267a 

Copporweld , 74  I 83g 

Coming  Glass ....  714  I 713, 
Corroon  ft  Black,  657B  > 6654 

Crane 474  I 47 

Cray  Research  ...I  704  704 

Crown  Cork ! 854  854 

Crown  ZeW • 454  454 

Cummins  Eng... -J  745,  7B4 

Curtiss  Wright... J 644  645, 

Daisy  Systems— | 114  115, 

Damon - 204  204 

Dana. — i 334  334 

Dart  A Kraft 1 524  684 

Data  Gen 394  394 

Data  point- | 54  54 

Dayco- 205,  1 204 

Dayton  Hudson-  484  484 

Deere- 344  34 

Delta  Air j 414  j 404 

DfxChk  Print.....;  634  | 534 
DetroltEdison—l  18  18Sa 
Diamond  Sham  rk'  114  : 11 4 

Dlebold i 4,40  | 454 

Digital  Equip 1674  1607s 

DlsneyiWalti.......  ■ 364  1 35 

Dome  Mines 1 85,  85, 

Dominion  Res.....  j 384  3ai4 

Donnelly  (RRi ! 747B  76 

Dover  Corp 1 464  48 

Dow  Chemical...;  527s  523, 

Dow  Jones— ......  544  554 

Dravo ' 174  165, 

Dresser - 184  18 

Duke  Power. , 404  404 

3un&  Brad  street!  1104  1073, 

Dupont — 764  754 

EG  AG 403,  414 

E8ystema~ 304  304 


165,  164 

194  84 

244 
594 

715, 

1"' 

3 
8 


| Mar.  I Mar. 

Stock  ! 80  j 19 

Half  (FBI: ; 23  ; 227* 

Hailburton 24  244 

Hammermill  Ppr  394  394 

Hanna  Mining.—'  S14 . 214 
Harcoart  Braoe.j  873,  ; 88 
Harris  Corp— 1 294  I 294 

HarittO —I  25  I 254 

Hoc  la  Mining-— I 14  lHi 
Halle  man  Brew..'  874  274 

Heinz  iHJ) 363,  39 

Heimerick  A P ...  IBJj  184 

Hercules 457a  454 

Hershey I 604  604 

Hewlett  Paokard  48TB  43 
Hilton  Hotels....-  71  704 

Hitachi 414  41 


Holiday  Inns 

Holly  Sugar- 
Home  Depot— 

Homestake 

Honeywell 

Hormel  iGeo.).. 
Hospital  Corp— 
Household  Int.. 
Houston  Inds— - 

Hughes  Tool 

Humana— 


I Mar.  Mar. 
! 20  19 


Husky  Oil 

Hutton  IEF)- 

Hybrltech — - 

1C  Inds 

ITT 

10  lift 

Ideal  Basic  Ind... 
Illinois  Power— 

ICi  ADR - 

Imp  Corp  Amer- 

INCO - 

ing erooll  Rand- 

Inland  Steal 

Intel - ! 

Irrterco 

Inter  First  Corp- 

Intergraph 

Interlake 

Inter  North 


Morton  TWokol-; 

Motorola— 

Multimedia- ; 

M unsln  gw  ear  — • • 

Murphy  Oil 

Nalco  Chem 

Nat.  Dlst.  Chem .' 

Nab  Gypsum 

Nab  Intergroups.  | 
Nab  Medical  Ent 
Nab  Semlendctr; 
Nab.  Service  indJ 
Navistar  Inti 

NBC  Bancorp-... j 
NCNB J 


NCR— | 

Netw'rk  Systemsj 
New  England  EL| 
NY  State  EAG— ; 

NY  Times— 

Newment  Mfn'g. 
Nlag.  Mohawk— < 

NICOR  Inc. j 

Nika  8. — 


NL  Industries ' 144 

Noble  Affiliates..  104 

Norstrom— 59 

Norfolk  SouthTn  944 

Nth  Am  Coal 784 

Nth  Am  Philips  - 44 

Northeast  Util 204 

Nth  Indiana  PS—  114 
Nrthn  State  Pwr  SOig 

Northrop 494 

N West  Airlines-  49tb 
Norwest  Corpn...'  363+ 
Nwest  Steel  W —l  194 

Norton  - ; 374 

Novo  inds  ADR.-!  31 

Nynex- - 2167* 

Occidental  Pet-.  864 
Ocean  Drill  Exp..  13  . 

Ogden — 324 

Ogilvy  A Mthr 36 

Ohio  Casualty — 904 


36  • 355, 
45  f 444 
32T8.  : 315, 
175,  1 18 
234  - 235, 
29  t8  29 

404  40fis 
494  : 494 
265,  . 864 
234 ' 234 
144  ■ 145* 

37  364 

84  84 

45  447B 

495,  4958 


IBM 1505b  1616b 

Inb  Flavour! j 384  394 

Int  Income  Prop  I14  114 

Inb  Min  A Cham-!  347„  334 

Inb  Multlfoods— I 414  404 

Inb  Paper.... 614  604 

Irving  Bank- j 514  524 

Jaguar  ADR...—..;  7 7 

James  River 437a  44 

Jeffn-Pllot 55  68 

Jim  Walter..- [ 571*  584 

Johnson-  Contr...  61 4 61 

Johnson  A Jits— I 63r8  634 

Joy  Man 1 264  284 

K.  Mart 447B  444 

Kaiser  Alum-—  224.  214 


Ohio  Edison- t ibt8 

Oiin- — I 40 

Oneck 294 

Outboard  Marine  294 
Overseas  Ship....  254 
OwensComing...  fills 
Owens  Illinois. ...  704 

PACCAR.  — 644 

PHH  Group 305, 


P 

4 
4 
364 

26i8 

624 
634 

2l5g 
414 
25l« 

1 Black  A Decker.1  227B 

[ Block  (H.  A R.)...  434 
1 Blount  Inc  a. — I64 
' Boeing  66  4 

„ Boise  Cascade ...  594 

Borden  — 60 

Borg  Warner. 3Q4 

Bowater  Inc 30 

Briggs  Stra'n— — 39 
Bristol  Myers—  744 

BP 347* 

Bt Telecom  ADR  334 
Brookway  Glass . 365, 
Brown  Forman  B 514 
Brown  Group—  884 
Brown  A Sharp-  28tb 
Brown'g  Ferris.-  3 6 4 

Brunswick 334 

Burlington  Ind...  37 
Burlington  Nrth.  784  1 

Burndy....- 1378  ! 

Burroughs.- 684 

Cflllnds. 224  ; 

CBS  1371* 

CPC  Inti — 634 

CSX 364 

Cabot 24), 

Cameron  Iron 94 
Campbell  Red  Ui  19 
Campbell  Soup-i  587B 

Can.  Pacific 144 

Cap.  Cities  ABC  J 2 34 
Carlisle  Corp. — 1 374 


Caroline  Power.. 

• Carpenter  Tech. 
Carter  Hawley— 

Caterpillar - 

Celanese  - — 

Centet - 

Centex- - 

Central  A SW — 

Certain-Teed 

ChampHome  Bid 

Champ  Int 

Champion  Spark 


Kaneb  Service*—  37, 
Kaufman  Brd.....;  265, 

Kellogg- — ! 414 

Kemper — — 994 

Kennametal 23 

KerrMGee 274 

Key-Corp. 274 

Kidde 374 

Kimberly-Clark  - 67 
Knight  Rdr  Nws.  48 

Koppers 2734 

Croger— - — 474 

-TV- 97B 

LearSiegler. 587B 

Leaseway  TransJ  384 

Libby  Owens  Fd.  764 

Li  Hey  (Ell). J 6B4 

Un  Broadcasting  444 

Lincoln  Natl 6itb 

Litton  Inds. 86 

Lockheed 694 

Loews. 66TB 

Lone  Star  Inds ...  344 
Lone  Star  StaeL.  81, 
Long  Ial.  ughb—  114 
Longs  Drugs  Sts.  884 
Lotus  Deval .284 


Louisiana  Land..  2E4 
Louisiana  Pac.  —I  284 

Lowes. — ...  384 

Lubrizol— — 304 

Lucky  Strs. 264 

MIA  Com  Inc—  17 

MCA... 604 

MCI  Comm 224 

M.G.M.  UA  Ent—  264 
Mack  Trucks—?  184 
Macmillan 434 


PNC  FlnanclaL—1  444 

PPG  Inds- 644 

Pabast  Brewing?  S3, 
Pac.  Gas  A ElecJ  21 4 
Pac.  Lighting—  524 

Paclficorp 33 

Pac.  Tslocom 144 

Pac.  Talesis  ___  914 

Pall.. 424 

Pan  Am.  Corp—  84 
taiftand  Pfpe—  354 


59 

1 i 

52 

711*  | ' 

19i*  I 

721* 

18TB 

ZB 

47 

4 

IflJa 

J71* 

84  84 

34  34 

445,  46 

214  804 

564  -657B 
32 

664 
664 
204 
837B 


Phelps  Dodge 
Phibro  Salomon. 

Phil  odel.Elect— 

Philip  Morris. 

Philips  Pet 1 104  1 104 


Pic  N*  Save 33 

Piedmont  Aviatn  403, 

Pllfebury. 684 

Pioneer  Corpn  — 21 
Pioneer  HI  Bird-  40 
Pitney  Bowes..-.  66 

Pitts  ton 14 

Planning  Res’ch  23 

PI  assay 53 

Pogo  Producing.  8 

Polaroid  — — 65 

Policy  Mgb  Sys  - 18 

Potlatch 42 

Potomac  El.  Pwr  38 

Prab  Robots.. 6 

Premier  Ind 33 

Price  Co- i 43 

Prtmark — j 26 

Prime  Computen  23 
Procter  Gamble.  76 
Pub.Serv.FAG.  36 
Pub.  S.  Indiana...  10 
Pullman  Fbody.  9 

Pure  later  19 

Quaker  Oat*. 69 


Mar.  Mar. 
Stock  ! 20  19 


Schlumberger ...  514 
Scientific  Allan..'  1«4 

SCM 744 

Scott  Paper. 604 

Sea  Co 37g 

Sea  Containers...,  305s 
Seagate  Tech— . . 104 

Seagram 645, 

Sealed  Power—  SSig 
Sears  Roebuck...'  474 

Security  Pac J 374 

Service  Master...'  244 
Shared  Med. sys.  374 

Shell  Trans... 1 45T* 

Sherwin  Wma. 564 

Sigma  Aldrich....;  314 

Singer— -!  60 

Skyline ; 194 

Slatteriy  Group,  r 264 

Smith  inb 24 

Smith  Kline—..'  894 

So  nab 1 304 

Scncco  Prods—  1 344 

Sony - 204 

Southeast  Ban  kg  404 
Sth.  Cal.  Edison..  30 
South nm  Co...—.  23 
Sth.  N.  Eng.  Tel  J 474 

Southlands 484 

SWest  Airlines—  20T8 

S’WestnBell 914 

Sperry  Corp. SOfis 

Spring  Inds... I 455, 

Square  D : 484 

Squibb.— 964 

Stanley  1A.F.1 1 277B 

Std.  Brands- I 234 

Std  0(1  Ohio - 4678 

Stanley  Works 424 
Sterling  Drug-...  444 
Stevens  IJ.P.1.....;  364 
Storage  Tech—,  44 
Subaru  Amer..—:l99is 

Sun  Co ; 50 4 

S undestrand — - 624 
Sun  Trust— ..—I  434 
Super  Value  Str.i  24 

Syntex ; 564 

Syseo ! 564 

TIE  Com  ms ! 64 

TRW. ! 995s 

Taft | 914 

Tambrands- ;1034 

Tandem  Comp-. I 244 

Tandon '■  5 

Tandy ; 444 

Tektronix- I 804 

Tele-Comms 1 46 

Teledyne 3624 

Tolerate 1 194 

Temple  Inland  -.:  525, 

Tenneco 38 

resoroPet , 124 

rexaco- - J 294 

Texas  Comm  Bk.;  207a 
Texas  Eastern  ...1  315, 
Texas  Instmnt  —'1294 
Texas  utilities....  1 334 

Textron J 61 

Thomas  Betts— •:  434 

Tidewater — j 94 

Tiger  Inb 1 84 

Time  Inc. 1 724 

l 

Times  Mirror ( 60ss 

Imken— — : 504 

Tipperary 04 

Tom  Brown — 04 

I 3278 


WALL  STREET 

Higher  but 

operators 

nervous 

STOCKS  EDGED  higher  in 
□ervDus  trading  on  Wall  Street 
yesterday,  ahead  of  the  quar- 
terly “triple  expiration''  day  for 
stock  index  futures  and  op’ions 
and  single  stock  options. 

By  1 pm  the  Dow  Jones  Indus- 
trial Average  rose  another  5-27 
to  a new  record  of  1309.51, 
making  a rise  of  16.77  on  the 
week,  while  the  NYSE  All 
Common  index,  at  $136.45.  was 
up  32  cents  on  the  day  and  a 
net  28  cents  on  the  week. 
Advances  led  declines  by  a 
small  margin  In  a volume  of 
11 13m  iiU-63ml  shares. 

“It’s  quiet  and  there’s  a lot 
of  people  who  have  already  done 
what  they  have  to  do  as  far  as 
their  quarterly  commitments  are 
concerned,"  said  Ralph  Blair  of 
Montgomery  Securities.  “But 
there’s  expiration  stuff  left  for 
the  end  of  the  day.  so  volume 
will  probably  pick  up  later."  he 
added. 

Morgan  Stanleys  impressive 
first  day  oE  trading  buoyed 
Brokerage  srocks.  It  was  up 
$10}  fro  mthe  $56.50  offer  price 
on  volume  of  1.4m  shares. 

Some  other  Brokers  advanced 
in  sympathy  with  Morgan 
Stanley.  First  Boston  climbed 
$U  to  $61.  and  Pnlbro  Salomon 
$1!  to  $57{. 

ATT  led  the  actives,  down  Si 
at  $22;  on  5.3m  shares. 

Smlthklinc  Beckman  declined 
SH  to  $88i — It  called  for  a 
nationwide  halt  on  sale  of  its 
over-the-counter  medications 
Teldrin  and  Dietac  after  receiv- 
ing and  finding  evidence  of  tam- 
pering with  the  capsules  in  two 
States. 

Johnson  and  Johnson,  a victim 
of  earlier  tampering  incidents, 
rose  $1}  to  S55g. 

THE  AMERICAN  SE  Market 
Value  index  gained  0.86  to 

Closing  prices  for  North 

America  were  not  available 
for  this  edition. 


268.1S,  for  a net  rise  of  037  on 
the  week. 

WIckes  Cos  led  actives,  up 
Si  to  S62 — it  said  Thursday  it 
would  divest  much  of  its  retail 

OPK«^0I1pfaarmacentlcal.  also 
active,  climbed  $e  to  S16}. 

CANADA 

Stocks  climbed  higher  in 
active  mid  session  trading  after 
Thursday's  first  ever  close  above 
the  3.000  level.  _ 

The  rally  showed  no  signs  of 
flagging  with  the  Toronto  Com- 
posite index  surging  ahead  li.O- 
to  3,04634.  The  Gold  index  put 
on  195  to  -L2S0.0  but  Oil  and 
Gas  shed  1.3  to  2.784  5. 

Hiram  Walker  Resources 
advanced  Sli  to  S32{— it _is  sub- 
ject of  a bid  by  Gulf  Canada, 
up  Si  at  $17,  to  acquire  a 3S  per 
cent  voting  interest  in  the 
company. 

GERMANY 

Share  prices  slumped  across 
a broad  front  in  active  dealings. 

The  Commerzbank  index  fell 
46J)  to  2.0553. 

Speculation  that  Siemens  AG 
may  lower  its  dividend  from 
DM  12  to  DM  8 a share  for  the 
fiscal  year  ending  September  30 
1PS6.  sent  its  stock  down  DM 
29  to  683.  Although  the  shares 
were  Ax-dividend  Friday,  brokers 
said  the  steep  decline  was  more 
than  would  be  expected  from  a 
technical  reaction  to  the  divi- 
dend payment  date. 

Pessimism  about  Siemens,  one 
of  West  Germany’s  biggest 
industrial  groups,  is  facing  a 
slump  in  nuclear  reactor  sales, 
spread  to  other  sectors  of  the 
market  Individual  stocks  gener- 
ally dropped  more  than  DM  6 
each,  with  some  stocks  falling 
substantially  more. 

Markets  were  also  depressed 
by  the  next  options  settlement 
date  at  the  end  of  the  month. 
Reluctance  to  take  large  posi- 
tions ahead  of  the  Easter  holi-  ■ 
days  next  week  kept  many  inves- 
tors out  of  markets.  . 

Banks  were  especially  heavily 
hit.  with  Deutsche  Rank  down 
DM  19  to  S16,  Dresdner  were  off 
DM  S at  431  and  Commerzbank 
DM  14  at  314. 

In  the  Auto  sector,  Daimler- 
Benz  tumbled  DM  9 to  1314. 
while  BMW  dipped  DM  530  to 


515  and  Volkswagen  ended  DM 
5 lower  at  580.5.  . , 

Steels  followed  the  Auto 
sector  lower. 

In  the  Utility  sector,  Veba 
dropped  DM  530  to  302,  while 
Rhein-West  Elekt  tumbled  DM  8 
10  235.  . . 

Chemicals,  Machinery  ■ and 
Store  issues  ' suffered  the 
smallest  losses  on  the  day. 

SWITZERLAND 

Steady  on  selective  demand 
underpinned  by  the  overnight 
gain  on  Wall  Street. 

Banks  continued  slightly 
higher. 

Among  leading  Industrials 
Alnsuisse  Group  ended  . hardly 
changed  on  Thursday’s  higher 
levels  after  reporting  a “large” 
loss  and  extraordinary  write-offs 
and  provisions  for  1985.  It  said 
a bank  consortium  had  agreed 
to  underwrite  the  new  shares  of 
a planned  capital  increase. 

Sandoz  firmed  Frs  100  to  1130 
on  higher  annual  results  and 
proposed  dividend  increase. 

In  the  Foreign  sector.  Dollar 
stocks  traded  mostly  above  over 
night  New  York  close. 

Swiss  Bonds  were  little 
changed. 

HONG  KONG 

Steady  on  light  buying 
interest 

Brokers  said  selling  pressure 
has  largely  subsided  and  that 
there  were  no  major  negative 
factors.  However,  sentiment 
remained  bearish  and  the 
market’s  technically  weak  tone 
was  basically  unchanged,  they 
added. 

The  Hang  Seng  index  rose 
6.03  to  1.611.73.  Turnover 
$HK340.01m  ($HK277.69m). 

Jardine  Matheson  put  on  10 
cents  to  $HKU.6Q  after  report- 
ing net  loss  of  $HK269m  against 
last  year’s  $HK793m,  in  line 
with  market  expectations. 

Properties  led  the  advance 
with  the  Property  sub-index 
rising  nearly  29  points  to 
1,91736. 

Banks  remained  depressed. 

AUSTRALIA 

Share  markets  rose  to  further 
record  levels,  boosted  by  the 
gains  on  overseas  markets. 

The  All  Ordinaries  index 


gained  S3  to  an  all-time  high 
of  1,136.7,  while  the  All  Indus-.  . 
trials  index  advanced  11.7  to  a 
record  1800.0.  The  AH  Resources  ■, 
index  put  on  6.4  to  632.7,  Metals 
and  Minerals  8i0  to  5723;  the 
Gold  index  17.1  to  977.4  Solid 
Fuels  5.0  to  446.4  Oil  and.  Gbs  . 
Index  shed  2.0  to  481-4 
Turnover  803m  shares,  worth 
$Al40.8m,  with  rises  out- 
numbering falls  342-to-204. 

About  23m  BHP  shares  were  j 
traded  with  the  share  price  up 
4 cents  .at  $A 6.40.  The  3eli 

Group  added  8 cents  at  SA730. 

Minings  were  firmer,  with 
strong  overseas  interest 
Major  Oils  traded  quietly 
with  an  easier  tendency.  Beach 
Petroleum  finned  5 cents  to  . 60 
cents  after  reporting  its  first 
profit  in  25  years. 

SINGAPORE 

Expectations-  of  stronger 
Malaysian  stock-buying  before 
the  country's  national  elections 
forced  share  prices  generally 
higher  in  modest  dealings. 

The  Straits  Times  Industrial 
index  rose  632  to  582.35  and  the 
SE  All  Share  index  2.12  to  213.13.  / 
Turnover  8.9m  (123m)  shares.-  . -r 
Rises  were  particularly  notice- 
able among  smaller,  less  expen- 
sive and  more  speculative  Malay- 
sian stocks.  ■ ■ - 

Although  no  date  for  tbe 
Malaysian  Parliamentary  elec- 
tions has  yet  been  announced, 
observers  widely  believe  they 
are  tentatively  targeted  for 
May  3.  The  market  usually 
trends  higher  before  elections  in 
Malaysia  and,  anticipating  that  ‘ 
the  pattern  will  repeat  itself.  . 
smaller  investors  appear  to  be. 
nibbling  at  situational  stocks. 

One  dealer  noted  particular, 
interest  in  shares  trading  below 
50  cents  each. 

AMSTERDAM  £-\ 

Narrowly  mixed  in  limited  . 
trading  ahead  of  the  weekend.  f 
The  weaker  US  dollar  was  a 
paraticularly  depressing  factor 
on  the  market  yesterday. 

There  was  little  interest  from 
local  investors  who  made  up 
their  balance  sheets  after  last 
Wednesdays  local  Council  Polls 
in  which  the  ruling  Centre-Right 
Coalition  saw  heavy  losses.  Tbe  , 
polls  are  seen  as  a barometer  for  . 
May  General  elections. 


154  15TB 


Mar.  1 Mar. 
20  i 19 


SSB9 

■ 

mt 

AUSTRIA 

Mar.  21  i Price  j + or 

! sen*  | - 


Credlf nst’lt  pp  * 2,5501  +26 

Goener  " 3,450  -40 

interunfall- 13,750 1 -30 

Jungbunzlauer*.  18, 
Laenderbank  *_  ° 
Perlmooeer^... 


Campbell  Red  L.; 

265« 

265e 

Can.  Cement  Pt.‘ 

I6I4 

16is 

Can.  NW  Energy.: 

16J« 

161* 

Can,  Packers — 

37 

37 

Can  Trustoo. — -j 

493+ 

494 

Can.  Imp.  Bank.) 

1S12  | 

I9i& 

Can.  Pacific. 1 

19  3 j 1 

1&4 

Can.  Tire  C— 

1458  1 

144 

Confer ! 

13I2  | 

137B 

Carling  Ckfe I 

13+s 

14 

Chieftain 1 

94  i 

1 9 If 

Com  In  co — , 

134 

124 

Conlgas  Mines  — 1 

4.40 

4.40 

Cons.  BathsLA— | 

26  ) 

25 

Coremark  Int— 1 

63b 

84 

Costain — : 

121= 

124 

Denison  Mines  A1 

1014  ! 

104 

Dofasco  Inc- • 

311*  j 

31  ■ 

Dome  Mines. 

124 

12 

Macmlf  Blood  ol.. 

Magna  Inti 

Marks  ft  Spencer 
Massey  Ferguson 
McIntyre  Mines.. 

Mitel  Corpn 

Molson  A 

Moore  Corp 

Nat.  Bank  Can.... 
Nab  Sea  Prods.  A 

Noranda  Inc. 

Norcen  Energy... 

Nth.  Telecom 

Nova  Alberta 

Numao  Oil  A Gas 
Oak  wood  Pet  ....l 
Pan  Can  Pet.....M[ 
Placer  Dev  - — J 

Power  Corp j 

QuebecSturgeoh 


GERMANY 


Steyr  Daimler-.. 
Veltscher  Mag  *. 


Charter  Co- ! 25s  24 

Chase  Man hatt1  nl  46  444 

Chemical  NY f 62i*  815*  IQ 

Chesebru  :h  P....;  4S6g  434  1 G 

Chevron 38  37*s  I G 

Chicago  Pneum.  38  39  )g 

Chrysler ~.i  45k  434 


NEW  YORK 


472s  474 


37TB  I 354 
204  | 204 


524  | 624 
384  | 574 


■Eg 

inns 

Zenith  Elect. 

.— 1 244  2438 

Mar.  1 

1885^6 

Gen.  Prop.  Trusti  2.54  i 
—8  Hardfe  (James)...  3.68 
+ * . Hartogen  Energy  X.8 
---■  Herald  WyTImes  6.1 

+0.5  KJIAust 2.66 

-*  Jimberlana  F.P-  031 

+3  K!a  Ora  Gold 0.17 

— Kldston  Gold 6.0 

+ f Land  Lease...—..  8.56 

-a  MIM 2.7Exr 

— 8 Mayne  Nickjeas^  3.8 
Nat.  Aust.  Bank..  6.04*flj 

News! 18.5 

Nicholas  Mwl — 3.1 

NorandaP<c(P/pd1  0.94  I 
North  Bkn  HIIL-j  2.4 
Oakbridge. — ....!  0.96  . 
‘’aciflo  Dunlop  J 3.32  { 
PancontlnencaJ  J 2.19  [ 
Pioneer  Conc..~J  2.66  , 

Poeeldon -J  3.15 

Queensland  Coal  1.39 
ReckittftCalman;  4.4 

Repco 1 1.85  | 

Santos • 3.83  ; 

Smith  (Howard)  ' 4.8  J 
Thos.  Natwlde  .J  3.58  • 

Tooth 6.1 

Vaungas. —I  2.3  ; 

western  Mining  J 3.78  ' 
Westpao  Bank—. | 5.76  ' 
woodalde  Petroii  1.05  ; 

Woolworhs  t 3.56  i 

Wormald  Inti. — 3.75  i 


Ranger  Oil • 6.13 

Reed  Stenh'seA.  54i« 

RloAlpom- ; 274 

Royal  Bank  can.  31 16 
Royal  Trust  A.....  304 

Sceptre  Res 2.93 

Seagram— — 76ag 
Sears  Can.  A—...  13  iB 

Shell  Can.  A 23 

SHL  System' hse . 16Sg 

SteicoA .1  28 

TeokB  - 8Bib 

Texaco  Canada..!  274 
Thomson  News  A.  294 
Toronto  Dom.  Bk1  244 
Transatta  A.  — J 274 
Trans.  Can.  Pipe.!  X84 
Walker  Hiram—..;  31 
W. Coast  Trans-!  14% 
Weston  (Geo) 133 


Mitsui  Bank. 


♦ lndustriT8  lB04.24 1787.95  1789,87,1776.82  1792.74p804.S4  1184.96  nS04.24  4U2 
1 ; . ! ! [20;5f8|  ’(4;  f/8S)  ,2015(88)  (WHS) 


ll»J  I 1124.4  I1I8B.7I21/SI8B1,  71B.S  |7H|«1 
5SBJ1  1 560.8  , 58SJ  (20ySj  1 S62£  (7/t/K) 


vereln-west 

Volkswagen 


455  +13 


FRANCE 


CAC  General  (3/J/80) 

5M.5  J 

341.5 

Ind  Tendanoe  (51/12)85)  | 

15Z3  ! 

151.7 

322.7  ; 325.6  341.5  (20,3/80,180.8  ( 3/1/86} 
128.2  184.8  , 182 Ji2V3/B6H00.0lit/ 12/85) 


| Price  j + or 
: Fra.  — 


Banco  ComTe  —.1  28,120.  —860 

Bastogl-IRBS 1 743! +41 

Cent  rale 1 4,700;  —50 

C.I.R. 10,400  -576 

Credlto  ItallanoJ  3.9901-160 
Flat-  . . - 1 laSOOi  -350 

Generali  Asslcur.  107,?00|  —600 

ItalcementI— I 68,400' 

La.  Rlnasconte—.  1,3601  —60 

Montedison 4,195  +116 1 

Olivetti 1 12.500  

Pirelli  Co — : 7,800  

Pirelli  Spa — . 5,687  +237 

Salpem — 5,130  +930 

Snla  BPD 7,425  +486 

ToroAselc—  .—!  42,500! +260 


GERMANY 

FAZ  AkUen  (31/12  66)  . 678.5+  1 692.74 

Commerzbank  (1/12/63/  2055.6  1 2192.2 

6S1J7  j 685.167 18.761  IB/1/86)  062.39(1/1/85) 
2995.5  . 2070.5  2161.9(15/1/95)  111  1J (0/1/95) 

HONG  KONG  1 

Hang  Seng  Bank  (31  7/64tj  1611.73  1006.70- 

1509.94!  1691.72  1929.94  f8,1/M  1220.74(2/1/95) 

AMEX.MKT.I  267.32;  266.20|267.69  ; 26S.22i  267.811  2C7.81I  202.08;  287.811  28.13 
VALUE  , ' | I 14/3/88, 8/I/8&  I 14/S/Be 9/12/7 


NASDAQ  j 372.71'  371.691  371.521  370.01 1 571.83'  572.71  ; 246.911  572.71.  54.8 

OTCCOMP.  ! I I ! I 20/S.66 1 2/1/85  !20/3ffi8  8/10 


year  ago 

Feb.  28  j Feb.  21  1 lapprox) 


Dow  Industrial— I 3.60  3.77  3.72  | 5.74  1 4.89 

I Feb-  1S  ■ Fab.  12  : Feb.  6 i Jan.  29  , 

S and  P Industrial  —I  3.30  5.55  1 3140  t 5 “44  5JS1 

s and?  Ind  P/E  ratio!  1S.'36  ifi7l'2  ! f4lB9  : — | — 0734 


Dow  Industrial— | 3.50  3.77 

1 Feb.  19  ! Feb.  12 
Sand  P industrial  -J  3.30  3.35 

s and?  Ind  P/E  ratio!  1S.'36  ifi7l~2 


TRADING  ACTIVITY 

Millions 

! Mar.  1 Mar.  1 Mar. 

Volume  t ' 20  19  IB 

New  York—-  147.g~S(  i49.B'9j ' 148.01 

Amex 16.634.  15.386;  13.725 

b.T.a„ 161.44:  1 56.85 j 159.62 


JAPAN- 
Nikkei  06/6/431 
Tokyo  SE  New  (4/I/SS1 


NETHERLANDS 
ANP.CBS  General  (1970/ 
AN P .CBS  Indust  (1970] 


1©  1 M7S5JSI 
■©  . 117U8. 


K3.S  Z65J  I 
251,8  1 281.0  ! 


649.48,  654.85  ,665.851 20  li; 86)  828  12/1/85 ) 


W47&51 4059.3  14753 JiSOrS.SS  1(545^5/1/85) 
1166.15'  1 188.48  1 172.68- 20.'S/86  918.83  i4, 1/861 


285.7  : 261 J)  i 287 J)  rSil/STi  1B5.B  (8/1(85) 
250.4  . 248.7  ! 26S.3(17/1/96.|  147J  |3i1f86> 


SINGAPORE 

Straits  Tlmee  0H>/12|68/  ; 588.56 


SOUTH  AFRICA 
JSE  Gold  (28/9/78) 
JSE  Indutt  (28/9(78) 


§75.551'  669.66  ! 570.29  '852.K  17/3/851:598.66(19/5^6) 


- 1270.5  i 1250.8  ! 1238.4  ! 1507.9(27/  l/Bfi! ' 129.5  lo/B) 

- ; 1205.1  I 1 182.0  I 1180. T !l205.1i21:B/88)(  767.1  (7/6/8SI 


CANADA 

TORONTO  } Mar.  Mar.  Mar.  Mar.  ' Mar.  19B6/86 

Metals  ft  I 30  1 19  • 11  1 _ High  Low 

Minerals  .2417.4  2360.8  2343.0  2333.4  ,2330.4  J2417.4  OtiiSsT  1 740 J*  (31/1 
Composite  : 3 029,8  12996.6  ;2984.2  12967.0  1296  7.7  3029.8  (JO/5/86/  ;J34M  (8/1/8 

MONTREAL;  [ . 1 I 

Portfolio  1 1659.62) IS  1 1.61.15 12.14;1611.8tf  1 528. 57|  1669.62  (20/3/86!  1209.49(4/ 1/85 


NEW  YORK  ACTIVE  STOCKS 


SPAIN 

Madrid  SE  (30/12/85)  • 159.06 


SWEDEN 

Jacobson  ft  P W/lS/SS)  '2W2.32, 


SWITZERLAND  ' 

Swiss  BankCpn'5 1/12/56)  581.8 


WORLD  ! 

MJ5.  Capital  Inti.  p/l77B]l  — 


152.41.  150.10  . 148.99  i156.05i21l5/B6)  10DAM/ 12/9B1 


J3S7.201  1975.76  1956. 19  2H2.22I2I/5/B6  1296.53  (9/7) 


S7B.0  . 825.5  (B/1/9B>;  588.7  (S»l/B5) 


502.4a!  298.7  ! 500J  ! 302.40(2 1/5/9 9)!  184/9  (4/1)95) 


Thursday 


C«n.  Pacific  ...  3.ES5  tOO 
( .'—w.  .'Jison  .■.■>  10.700 
C.-s*.-  (s-i.-  .2..1C.8CO 

,•  t.tci  st) 
US  ... 00 


Change 

Stocks  Closing  on 
lidded  price  day 

SS5  tOO  14S  + * 

1 10.700  53r.  - \ 

.1C.8C0  61s.  - >< 

LCiSt)  ZJ  - *, 

E.,'39  4M.  - 


General  Motors  1.704  POO 
AT  & T 


f-.  Sue  Ind.  ...  1 "K--HXJ 
Eli  Lilly  1-2S8,W> 


Change 

Stocks  Closing  on 
traded  price  day 

1.704  COO  SB  +1S 

l.US.tfCG  23  +1. 

OI.IUO  ISO1,  -1*i 

1 107.  — 

IJ98,aoO  691,  +2H 


Saturday  March  IS:  Japan  NJkJeel  14.664.47.  TSE  1.1E8J3. 

Base  value  of  all  indices  are  100  except  JSE  Gold — 2J2.7.  JSE  Industrial— 
264,3,  and  Australia.  All  Ordinary  and  Metals— 600.  NYSE  All  Common— 50. 
Standard  end  Poore— 10:  and  Toronto  Composite  and  Mai  a It— 1.000.  Toronto 
indices  boseef  7975  and  Montreal  Portfolio  4/1/ S3.  J Exclud'ng^bandS.  i 400 
Induairlala  nlu*  40  UillUlea.  40  Financial  end  20  Transports.  c uiossa. 
u Unsvaileble. 


Emprunt  4*“  1873  1,330 
Em p runt  7J  1875.7,390 

Accor 407.8 

AlrUquIde J 674 

B1C— - I 682 

Bor  grain  . — 1,870 

SS!Etez::kS8 

CIT  Aioatel 12,31 1 

Carrefour— 3,490 

Club  Medlterin...|  637 
Cto  Bancalrc  — 1,218 
Catimeg. ' 400 

Damsrt - 3.200 

Darty 2,670 

Duma*  S.A.  ..;1,156 

Eaux  (Qe  Gem ...  2.445 

Elf-Aquitane ,233.1 

Esellor .2,450 

Gen.Oeoldentalc'  868 

imetai  — 1 BB.6 

Lafarge  Coppce.1,330 

L'Oreal '3,420 

Legrand  3,280 

IHalsons  Phenlx  j 259 

Matra  S.A.  1,830 

Miehelln  B 2,B25 

I Midi  (Clei '6.380 

Moct-Hennossy  > 2,250  ; 

Moulinex- , 70.5 

Nord  Est I 203 

Pernod  Rtcard....:1.115  i 

Perrier. • 5B0  ' 

Potrolej  Fra. 334.8 

Peugeot  SJL 1079  ' 

prlntempsiAuJ-'  646  ' 

Radiotech ; 844 

Redoute — .i2,400 

Raussel-Uclaf— jl,360  ■ 

Seflmeg 460  ; 

Ski*  Robs  tonal — 11.200 
Telemec  Elect ...J3,210  | 
Thomson  (CSF)-.il,080  , 
Valeo— ...I  660  | 


NETHERLANDS 


1 Price  I + or 
I FIs  — 


ACF  Holding 

AEGON ; 

Ahold  — 

AKZO ' 

ABN  

AMEV 

AMRO  - 

Bredero  Cert...— 
Bos  Kelts  Wes em., 
Buehrmann  -Tet. 

Cal  land  Hlgs. ' 

Dordtsehe  Petfm 
Elsevier  -NOU 

Fokker 1 

Gist  Brocades—; 

Helneken — ! 

Haogovcns  — 1 

Huntor  Doug  N/V 
Int  Mueller  | 

Naarden  

Nat  Ned  Cert—.1 
Nod  Mid  Bank— 
Nedlloyd  .. 

Oce  Grlnten | 

Ommeren  iVnnj.< 

Pakhoed  - 

Philips. 

Robeco— 

Rodemco  - 

Rolince 

Rorento..— 

Royal  Dutch 

Unilever 

VMF  Stork. 

VNU 

Wessanen_ — 1 

West  Utr  Bank-.. 


292  +2.S 

108.3  -0.4 

31  , - 

169.8  +0,6 
586  1 +1 
77.1  —1.9 
106.2,  -0.4 
201.5,  -3 
17.6,  +0.1 
149  ! -3 
22.3,  +0.5 
178  —0.5 

182  | —3 


NOTES — Prices  on  this  pegs  sre  as  Quoted  an  the  Mhrtdail 
exchanges  and  4r«  Met  traded  prices,  t DuHage  eospended. 
xd  Ex  dividend,  w fix  scrip  Issue.  srEx  right*,  cs  Ex  sfl. 
* Price  la  SchMogs, 


Adelaide  StcamsI 
ANZ  Group-.. ,._i 
Ampol  Pet. 
Ashton 

Aust.  Cons.  Inds. 
Aust.  Guarantee.: 
Aust.  Nat.  Inds... 

APM I 

Bell  Group i ”1 

Bell  Res I 

Bond  Corp  Hldgs; 
Sara/ ' 

Bougainville 

Brambles  inds  ...1 

Bridge  Oil 

B.  H.  Prop I 

Burne  Philp. .! 

CRA J 

CSR Z\ 

Chase  Corp 1 

Claremont  Pet  ...I 

Colos-Myer— 

Comal  co  "A" 

Consolidated  Pet! 

Costain  Aust I 

Elders  1X1 i 

Energ  Re*._  ! 


■ +b!o& 

j -‘-0.82 


! +0.04 , 
I +0.1  ' 


I 

| +0.06 


Ajinomoto —1 1,390 

All  Nippon  Air — ; 885 

Alps  Electric il,720 

AsahlChem- { 820 

Asahl  Glass— il,030 

Bank  Tokyo— ! B20 

Bridgestone • 610 

Brother  Inds- j 656 

Canon  - - 1 970 

Casio  Comp 11,450 

Chugai  Pharm...  ■ 1,230 

DaleL 1 1,100 

Dai-lchl  Kan.  Bk.  1,690  I 
Dai  Nippon  Ink...  415  ] 
Dal  Nippon  Ptg  Jl.690 

Dalwa  House j 1,030 

Daiwa  Sec.— 11,080 

Elsa  1,610 

Fanua- — '6,600 

Fuji  Bank — 1,690 

Fuji  Film— .1,820  I 

Fujisawa— ,1,150  ' 

Fujitsu—!  957  I 
Pjrukawa  Elect.'  386 
Green  Cross. — a,i70 
Haiwa  Real  Est— 1,090  1 

Hitachi 729  1 

Hitachi  Credit.— .1,450  • 

Honda — - 1,050  | 

Indu  Bk.  Japan—  1 400  ‘ 
ishlkawaJlmaHr..  175 

isuzu  Motors 366  I 

It  oh  (CL..... 630  1 

l to.  rokado—  — 3,460  | 

JAI -1,0780 

J u sco -,3,180 

Kajima : 711 

Kao  Soap 1,340  I 

Kawasaki  Steel-.,  141  . 
Kirin  — - — -j  1,010 

Kobe  Steel 182  [ 

Komatsu  - ...  469  | 

Komshiroku  — . 673 

Kubota.— 377  j 

Kumagal — - 910  l 

Kyocera  ———4,160 

Marubeni  335 . 

Marat  — — —2,-000 
Mazda  Motors—  376 
Moija  Seiko—  628 

ME1 — 1^890 

NPblshl  Bank — 1,680 
M'blshi  Chem — €72 
M'bofiJ  Corp— - 660 
ITblshi  Elect—  331 
M'blshl  Estate — 1,790 


3.88  1 +0.08 


1-85  I +OU) 
1.26  j —0.05 


+ 0.16  (;%■ 


16.451  +OJBS 


if  to 

; .VFtaMtel  Times  Saturday  March  22  19S6 


IWIGIII 

Italic*  I?  h"*‘  rADFl 


CURRENCIES  and  MONEY 


COMMODITIES  AND  AGRICULTURE  L^H  ±1 


rs% 

Is 

8"?  . 

■ «S&1 


FOREIGN  EXCHANGES 


very  firm 


REVIEW  OF  THE  WEEK 


kr  1 

■ 


Sterling  continu'd  to  Improvn 
in  canriary  mtrfcftf  yesterday 
U Jugfe  UK.  Interest  rates  Bud 
a buoyant  «udy  marfcet  bawled 
demand.  Its  exehtag*  me  index 


£ IN  NEW  YORK 


Msf,  2i  Pf«v,  cIqm 


sNaSt- 

Ollfe  „ -l 
:'*r  pS.  , 

ri% 


? eaeadTlV^-s 
-ularh  : 


Against  the  dollar,  it- rase  to  Us 
best  rftamg  Ifrel  • since  Aucu»i 

tWS'nt  »SnfrLSlM.  .a  rise  of 

2,25c  from  Thursday. 

It  wps  also  lugtirr  against  th* 
D-mark  at  DM  3.3S73  from 
JSAf . 3.38  and  Y285.5  compared 
with  Y2B2.5.  -Elsewhere  it  rose 
to  SFr  2*3W  from  SFr  2.SI75 
and  FKr  10.4250  from  FFr  10.337$. 
Coarinuauon  of  the  tfpoe  calks  m 
Genera  failed  to- dampen  market 
enthusiasm. 

fn  addition,  Tuesday's  l.K 
bttflflet  .was  generally  well 
received  by  industry,  the  latter 
also  betas  helped  bv  lower 
energy  costs.,  Spwrulation  of 
another  cm  in  L'K  L-lr-anny  bask 

STERLING  INDEX 


fotxw’d  acr-.^ms  irs  cretounfe  apply 
*=-»*•  US  c::'if 


base  rates  received  a set  bark  as 
.ho  Ban  It  of  tnici/iuU  -ugr.iiSicd 
*t-«  diiiOjeaMirn  at  the  recent 
*««!»  fall  1R  rale,.  However, 
berime  retained  i’.-.  attract mn 
staw  interest  ra*o  differentials 
vjitn  tuunine-:  such  as  Japan  and 
Ireniuuii  remain  very  attr.iL-livr. 

Tne  duliar  It:.1.  yiuur.d  in  fairly 
qtuer  tradm.q  ahead  of  the  week- 
end.  l!‘.  ii&gertcae  remained 
warisli  buz  iliorp  cppwjriJ  ji# 

be  a reluct anee  to  push  i-s  tno 
low  after  a mvnt  sjjcJulation 


that  the  Bank  of  Japan  may  act  I 
independently  to  try  to  curb  the  I 
yen's  rise.  This  left  the  dollar  = 
i- an  fined  to  a narrow  range  I 
although  the  markci  appeared  in  j 
la*  more  or  Ifss  convinced  that  , 
the  I'S  Oovernmcnl  would  nut  i 
rrwM  a further  decline  m the 
dollar's  value.  < 

Con  liny  eel  uncertainly  niton  l 
llie  price  of  oil  ami  Opiy's  ; 
attempt  to  (tune  w fome  agree-  ■ 

mem  on  output  quota  weighed  | 
heavily  on  the  dollar  and  with  : 
recent  economic  stnticiu-s  show- 


Further  defections 
add  to  LME  gloom 


BY  RICHARD  MOONEY 

Tilt:  PKPKCTION  of  two  more 
trading  companies  in  the  alter- 
malii  nf  tin-  tin  crisis  deepened 
the  gloomy  muod  of  th»  London 
Mefai  Kscitangp  this  week,  and 
intensified  pressure  for  the 
adoption  of  a clearing  house 


I 1 1 ni  mt  tirri  in  ,7' " J ",  I fV>i«n  m place  of  the  present 

mi.  Illlle  upturn  in  Uir  pine  of  { "nfineinflls  frarfin?H 
eromuuie  growth  so  the  dollar  J 5?1?* ™ 


battered  confidence)  of  the 
murk>M,  Sueit  calls  have  been 
around  fur  some  time  bur  they 
have  sained  added  momentum 
from  the  tin  crisis,  which  is 
naturally  being  held  up  as  an 
illustration  of  the  shortcomings 
of  the  current  system. 

Of  the  remaining  LME  base 


i-i'iii'iiuu;  IMYH.  nil  me  (lunar  i -i,:-..  ~ fa„|  jc  s».  uir  remaining  unc.  ease 

remained  depressed.  Against  the  1 n,jn>  dealt rs  fetl  is  too  metals  contracts  omv  aluminium 


D-mark  it  firrli  to  DM  2.2415  from  I { r,sfc >■ 

DM  2.2560  aid  Y175.75  compared  i On  Thursday.  J.  II.  Rayner 
with  Y176.30.  It  was  also  lower  i (Mincing  Lane),  and  S.  & IV. 


managed  a significant  r:«r  this 
week.  Despite  the  strength  of 
sterling  against  the  dollar. 


in  terms  of  the  Swiss  franc  at  l Berisfnrd  subsidiary,  became  which  denressed  nneps  fnr  most 

ilr  Si  ‘,t0m  lrJ  ISS  I iif‘"  •«*  - t„-  wittidraw  mtS  ,h?  “S,"  a|USi  ”u“ 
FFr  &SH75  from  FFr  6.0425.  On  from  the  market  out  of  the  28  quotation  finished  the  week 


Bonk  of  Bnglantl  figures,  the 
dollar's  exchange  rate  index  tell 
from  116.9  Ui  116.7. 


who  were  trading  when  the 
International  Tin  Council 


quotation  finished  the  week  £21 
up  at  £809.50  a tonne.  The 
strength  emanated  from  the 


POUND  SPOT— FORWARD  AGAINST  FOUND 


i announced  it  had  run  ouf  of  US  ■ market  where  improved 
! money  for  price  support  back  in  demand  has  been  evident. 


Mar  20  Previous 


Ortohrr.  And  yesterday  Hoko  fn  contra*  cash  higher  grade 
Trading,  an  h.  D.  and  F.  Man  copper  ended  the  week  £18 

subsidiary,  took  the  tally  to  six.  j0wer  at  £972.50  a tonne  mainly 

Roth  companies  are  retaining  reflecting  sterling's  ris- 

SSf  “*5*^35  s Am«ns  the  soft  commodities 

both  also  aa>  tiny  will  not  eoCoa  continued  Us  slide  as 

rrMiror  trading  activilii’s  m flu*  rpnau-ncf  Iiadm  c<\-  ■»  nnnn. 


L^jES* 

h-Iance  sktol 

‘re  y. . 

***rz!  ofM  V: 


iSSS^r.-ta.' 

i rf/"-1  Trial i/  S’  ■ . 

iiiK&tt- 

: *••»  SiSUmiH  « • 

- StaiccA ' y ; 

(JflcfcB  . 

! ^jMMCsiaaL  p, ! 

;i.* -'13  5ml*  ^ 1 

|;nnifc;tsv„S 
I'xx-Ci.ifir.*: 
j ftj.irtrHirar;  ? ; 
i *'.Ce»STiBL  j*  ■ 

\ JAPAN  [caaU] 


j b ....  s. 

; « ^ 

1 >■*«■-•  Esaa  .ps  .. 

j --v  Tois.v/3  < 
l v.  :*L-ictr — 5 ■£  , 
l So<  i-.5HC3.e  . 

I N :..r  Sec — S i 

f v.-kbi  SrcjS'-: 

E-kt-O  ■!  ■ 

;«Mrrbr»R4  . 
■ -ro;-  Ciu.  IS 
: fc-joc  Ijue- 13  •• 

S'  cr-  5 . 

I Ct.  • S ' : 

h trst:  ; 

h-r-:^S  : 

; -J  • 

i »•  ••••.te-f.-S- 

‘ 2 

, .r:  e-;<B!L.  -9  I 

1 :-=r  jwN-fS ' - 


8 JO  am 
St.OO  am 
1(1.60  am 

10.00  am 

UJWwn 
Noon 

1.00  pm 

2.00  pra 

3.00  pm 

4.00  pm 


CURRENCY  RATES 


>Butk  SoecftJ  EuroQMn 
March.  21  ffita  Crawlng  Currency 
% Righta  Uni* 


'■jZ  1 4353-}  sirs  1 5H0-T  5T20  0.53-0  50c  pm 

C.-otfj  ? C97S-2  1071  2 1027-2  1071  0 10e  pm-O.oatU 
f 2s-j.i22».  2 BV.  l 87’.  2-V.c  pm 

Sci.’in  63  35 -CO  3M  68  SS-65  05  8c  pfu-2dis 
Oenn,.,  1S.C«13SS  13.L1-1S.SS  4V3>,oi«  pm 

oo.9r.il  1 1133-1. 11K  1.1165-1.1175  C.«M  55p  dte 
W S-.r  3 30‘.-i  3 V,.)  3$«,  2-1«pl  pm 

Pcn-'icI  22C  28-222  IS  220  34-221  M 180-480C  <tu 
Sp.--  ej-212.36  ri2.07-2:2.3«  15-55cdis 

» =.291  '.-2.205b  2.30d-r2.305:,  7-9 lira  dis 

tio.-rt<*r  1»UV10  71%  10.70*.- 10  71>,  VlVera  ills 
f--.  . *•  13  351..10  42  10  42-10  43  M»,c  dip 

Sv.caen  10  75‘.-10  E3  10.82-10.65  Vlsm  pm 
Jcr.»«  2W-.-265  205-365  1 .25-1. 15  iom 

23X3-2:75  22  72-23  75  13Y11rmfP  pm 

S«.:s  2E-:  83'i  2^3V2  81>,  IVVrf  pm 

Pc!-;  ;«  '.i:r  ■- 


4 09  T 34- 1 30pm  3.49 
*~0.2O  0 41-0. 20pm  0 58 
C OB  5<4-5>,|im  5 43 

-O.rl  23-10|)m  O H 

2.84  10 ’.-9 ‘mm  3 12 
-5  10  0 65-0.95d*  -J  gfl 
6.EG  51i-S'lom  t,  42 
-18.18  550-  1390dc  -17.54 
-1  98  80*195 ilia  -2.09 
— 4 1G  22-26dis  -4.16 

-147  S1  r-B'.dia  -2.22 
— 1.65  l<4-3dl9  -0.C2 

0.62  '(pm-*4(lic  —0.07 

5.42  3 7 2-3  57pm  5.49 

6 40  33V-29', pm  S 33 

7 16  5-4,(pm  6.98 


reflecting  sterling's  rise. 

Among  the  soft  commodities 
cocoa  continued  Us  slide  as 
renewed  hopes  for  a pricc- 


l « I *-inR  without  .he  introduction  of  ^ppiTtTng  I^emaUonal  S 
-2  89-j  Ucanng  >>»tem.  Agreement,  with  the  Ivory 

4>  r7  Activity  on  the  market  lias  Coast  narticioatin"  fndeH  into 


™ . , Coast  participating,  laded  into 

—2X9  J been  at  a low  ebb  ever  suin'  the. background.  The  Mav  posi- 
-4.16  ! till*  crisis  broke.  Turnover  Don  closed  at  a 28-month  low 
r«  £ I #*«»«  have  held  up  quite  well  Qf  £i,42S  a tonne  vesterdav, 
-0.07  ] hut  Mr  Mike  Brown,  the  LMfc  down  £108.50  on  the  week. 

5.49  I chief  .-xmim-e,  expired  With  fundamental  supply/ 
^ n yeste^ay  that  this  onl>  reflected  demand  indications  remaining 
j jmer-dealer  trading  which  has  he4riSh  and  scepticism  growing 
| been  biioyed  by  book-squaring  aljont  thc  aenuiaeness  of  thl, 
and  jobbing  activity.  Fresh  Jv0ry  Coast-s  app3reat  chancP 
( f l,'n  business  wa«  well  down,  0f  jicart  about  the  cocoa  pact 
, lie  '‘aid.  there  has  been  little*  to  dis- 


.en>6f«  francs.  Fmsnr.ial  franc  70  70-70  80 


i«(.«*fli  i-jt«a-'j  u^l:ai  2 17-2  13c  pm  12-rnomn  3 73-3  63c  pm 


Stcrluifl.. . , — 

US  f..:  - . 7 

Canadian  £.  10.60 
Austria  Seh  4 
Belfliso  ft..  81, 
Dernsti  Kr  . 7 

D'mark..-  .-  3U 
Guilder.  ■ ■■!  4v 
French  Fr....  0>j 

Lira.. J 15i? 

Van 4 

Norway  Kr.;  8 
Span'hPta.i  — 
Swedish  Kr  BU 
Swiss  Fr„  . 4 1 

Greek  Dreh!  20>a 


— 0.771851  0.M193O 

7 1.15682  0.Q62880 

1.60  * :.548£7 

4 ' 18,2744  15  2135 

99,'  55,3180  44.3551 
7 0.6X457  7.99045 

31*  2 ,60436  2,1651.2 

4V-  2.Q3S01  C.444S7 


DOLLAR  SPOT— FORWARD  AGAfNST  DOLLAR 


j been  buoyed  by  book-squaring 
1 and  jobbing  activity.  Fresh 
client  business  was  well  down, 
In*  '-•aid. 


ur.t 

Ire. 2'  cl 
CrrvJ- 


l*.  44427  hern-rf 


1772.84  1474.41  Derm; 
NiA  • 169.467  V/  Gr 
N'A  6.B5212  Per-jp 
162.303  136.105  Sr»<i 
8.30654  6.00530 
N.A  . 1.81676  U? ' 
NA  134.601 


Irish  Punt  ■■  I — * 0.860755  0.716*29 
• CS/5PI?  me  tor  March  20:  1 51573. 


CURRENCY  MOVEMENTS 


Banker  j Morgan 
Mar.  21  ■ England  [Guara  nty 

; Index  - 'CtiBJiflfl  i, 

Sterling..." »..!  ..I  75.9  TTs.4- 

U.s.  dollar 116.7  ! +7.6 

Canadian  dollar....!  78.0  : —12.6 

Austrian  schiUlng.;  125.7  | +7.0 
Belgian  franco... ....!  S4.3  ; —8.4 

Danish  Kroner..  85.6  - 1.7 

Deutsche  mark..— j 154.2  j -v  L3.Q 

Swiss  trunc^ j 156.2  ' +14.9 

Guilder -...j  123,7  , +8.5 

French  franc  . — J 71.5  j — 10. 5 

Ufa.. . 46.4  i — 1S.O 

Yen- ! 106.1  f +43.7 


Kc.-way 

Fu-cn 

Si-.ciisn 

Jr=.ie 

Ausu-s 

Sw.n 


Day's 

Three 

*•  ’ 

spread 

Close 

One  month 

P • 

months 

P a. 

1 4JKM.S12S  1.5110-1  5120 

0.53 -0.50c  pm 

4.D3 

1 34.1.30pm 

3.45 

1 3417-1  3470 

1.3462-1.3470 

1 05-0-BSc  pm 

B 49 

2. 75-2. 05pm 

7 15 

1 3930-1.4020 

1 <000-1  4010 

0.43-0.4Sc  die 

-3.90  0.98-1. 08ds 

-2.94 

2.5280-2  550 0 

2 52&0-2.5290 

0 « 5-0. 42c  pm 

Z.OS 

1 27-1  24pm 

1.58 

45  60-46  11 

45.ta-45.70 

11- 16c  dis 

-3.52 

25-33d<s 

—2.56 

8.27V8-32 

8.27*4-8  2B>4 

-r-'ion  dis 

— 0.63 

W»dis 

-0.39 

2 3400-2  2515 

2 2410-3  2420 

0 57-0. 53pr  pn» 

2.91 

1 70*1 .65pm 

2.90 

I47i4-14£ 

147'r14fl 

200-4 00c  dis 

-24.40 

500-1200ds 

-23.04 

740.95-141  45 

140  95-141  10 

50-lOOc  drs 

—5.36 

170-240dls 

-5.80 

1,524'— 1,533^ 

1.524V l.S26»- 

10-121  ns  dia 

-8.82 

28-30diS 

—7.57 

7 OBVT-llFr 

7.08VT.09 

3V3'joro  dis 

-5.60 

10- 10 'id  is 

5.74 

••89lr9-92’4 

6 B9V6.90 

2I«-3I*C  dte 

-5.20 

7-8dn 

-4.33 

_ ■ This  has  prompted  a grow-  courage  seller?  and  this  week’s 


number 


traders 


fall  was  given  added  impetus 


supori  calls  for  thr  adoption  by  the  firmness  of  sterling  and 


of  a clearing  house  system, 
which  they  see  a*  one  way  of 


helping 


regenerale  the  crop  cocos. 


hedging  sales  against  reeent  Poland  whereas  in  high-yielding 
purchases  of  Ghanaian  current  France  a 10  per  cent  reduction 


Aluminium 

CAriMoal 


I Sk  Jh  teb  Mg  I 

1 IftBS  1986  | 

Coffee  prices  also  continued 
under  pressure  as  the  wave  of 
selling  which  hit  the  market  late 
last  week  was  maintained.  There 
were  no  fresh  factors  to  influ- 
ence prices  but  the  market 
remained  depressed  following 
the  recent  failure  lu  break 
through  upside  resistance 
levels.  As  with  other  markets 
the  currency  factor  made  a sub- 
lan.tia!  contribution  a«  the  Mav 
coffee  futures  position  slid  £117 
to  a 5-week  low  of  f2.Hn.50  a 
tonne. 

The  world  sugar  market, 
which  is  priced  in  dollars  and 
therefore  escaped  the  bearish  1 
currency  pressure,  moved  a 1 
little  higher  on  the  week  as  the  j 
recent  more  buoyant*  mood  con- 
tinued to  be  ••ncouraged  by- 
physical  demand. 

Tn  its  monthly  market  review, 
publ  i sh  ed  y e*s|  erday.  London 
sugar  trader  C.  Cvarnikow  pro- 
jeeii'd  1986-87  European  sugar 
production  in  a 4m  tonnes 
ranee  either  side  of  being 
unchanged  on  this  season's 
figure.  It  noted  that  F.  o.  Licht, 
the  West  German  sugar 
siaiHtics  agency,  had  recently 
indicated  a rise  in  European 
beet  sowings  but  pointed  out 
that  the  biggest  increases  were 
fwi  in  lower  yielding  Italy  and 
Poland  whereas  in  high-yielding 


PRECIOUS  Metals  advanced 
on  news  of  violence  in  South 
Africa  and  guarded  optimism 
about  talks  between  Opee  and 
ooo-Opec  producers,  reports 
flcinold  Commodities.  Copper 
rallied  in  sympathy  with 
precious  metals  and  attracted 
fund  buying.  Sugar  continued 
its  rally  on  managed  fund 
buying.  Cocoa  attracted  fol- 
low-through technical  selling 
following  Thursday's  breach 
of  chart  support  levels.  The 
high  level  of  deliverable 
stocks  encouraged  selling  in 
coffee.  Cotton  firmed  on 
profit-taking  following  recent 
steep  declines.  Oil  traded 
lower  most  of  the  session  but 
firmed  on  statements  by  the 
Algerian  oil  minister  that 
talks  between  Opcc  and  non- 
Opec  producers  were  progres- 
sing well.  Maize  declined 
slightly  in  continued  reaction 
to  reports  of  acreage  increases 
and  soyabeans  declined  on 
weak  export  demand  for  the 
products. 

NEW  YORK 

ALUMINIUM  aoTooo- ib'.1wnt*7ib“— “ 

ClM»  High  Low  Praw 

March  60.2S  — — GO  00 

April  6 Q 30  — — 69.20 

May  60  50  CO. 60  S3. SO  60.25 

July  63  85  gd  80  69.30  60.55 

Sept  61410  61.20  60  70  60  85 

D«C  61  65  61. GO  61.25  61.20 

Jan  Cl  30  — — 61.45 

March  62- 75  — — 61.75 

May  62  45  — — 62.05 

J«br_  62-7 5 — — 62  25 

COCOA  10  lannsa,  S/tonncs 

Close  High  Low  Praw 

May  1952  2010  1950  2021 

July  2C05  2047  1998  2058 

Sapt  2C40  2080  2037  209B 

Dec  MBS  2120  2065  2131 

March  2110  2130  2110  2148 

May  2175  — — 2163 

July  2200  — — 2176 

COFFEE  " C - 37.600  lb,  cantt/Ib 

Closg  High  low  Prev 

May  241.24  246.20  240.10  245X4 

July  245  29  250.4$  2 SC. 50  249.18 

Sapt  249  29  254.00  249.25  253.25 

Dec  252  48  256.25  252.21  253  25 

March  252.50  256.75  253  21  257.00 

May  2S4  00  257.50  254. CO  257  50 

July  254.75  254.75  254.75  25S  25 

COPPER  25.000  lb.  cants/tb 


ORANGE  JUICE  15.000  lb*.  cams/H 


Close 

High 

Low 

Pn 

May 

S7.55 

87.55 

w.as 

85. 

Jid 

£6.50 

EG  .80 

84.90 

85. 

Sept 

84.50 

SB. OS 

82.96 

83. 

Nov 

84  70 

84.70 

83.50 

83.: 

Jan 

84.95 

85.50 

85.50 

83.1 

Mar 

85.55 

8570 

84.00 

84. 

May 

85.95 

S5.7S 

85.75 

84. 

Jul 

86.35- 

85.00 

85  00 

84. 

PLATINUM  50  troy  ot 

S/troy  ot 

Close 

High 

Lew 

Pr- 

Apr 

439  8 

444.5 

423.0 

431 

Jul 

444  3 

448.0 

433.3 

43S 

Oct 

*W.2 

450.0 

435.5 

43? 

Jan 

448.3 

450.0 

437.5 

439 

Apr 

450.5 

448.5 

448.5 

442 

SILVER 

5.000  tray  oz; 

cents/troy  oz 

Close 

H-oh 

Low 

Pr- 

March 

5753 

580.0 

575.0 

57( 

April 

576.3 

530.0 

580.0 

57? 

May 

539  0 

5SS.0 

577.5 

681 

July 

557  3 

SP3.5 

584.5 

S8f 

Sept 

594.7 

801.0 

592.0 

59) 

Dec 

C05  5 

611  5 

605.0 

so; 

Jsn 

609.4 

— 

Bit 

March 

CIS  7 

G1S0 

617.0 

S1> 

MSay 

624.4 

£25.4 

625.4 

62L 

July 

633.2 

— 

— 

ex 

SUGAR 

WORLD  "IT'  112,000 

lb; 

cems/ib 

Closn 

High 

Low 

Pr 

May 

7 60 

7.60 

7.30 

7. 

July 

7 85 

7.36 

7.59 

7 

Sept 

7.93 

7.83 

7.83 

7. 

Dec 

8.03 

504 

7.78 

7. 

Jan 

a 12 

8.12 

8.00 

7. 

Mar 

B 49 

8 49 

8-2B 

8. 

Mar 

S 67 

8 67 

8.46 

8 

Jul 

8.£0 

8-80 

8-70 

8 

CHICAGO 

live' cattle '4oVodo  ib:  canis/ib 


WEEKLY  PRICE  CHANGES 


7 16-7.19  7. 16-7. IBS  2:.-2%or«  dis 

175  70-176  45  175  70-175.80  0.21-D.1By  pm 
15.75-15.80  15.78-15.79  4-2gro  pm 


-3.76  6-6’cdb 
1-33  0.89-0.85pn> 

|r.9  15.75-15.80  15.78-15.79  4-2gro  pm  2 28  8-6nm 

n 1.8710-1.8880  1.8710-18720  0.54-049cppv  3.28  1.67-1. 62pm 

f UK  and  Iraiand  are  quoted  m US  currency.  Forward  pramiums  and 
discounts  apply  to  tire  US  dollar  and  not  to  tha  individual  currency. 
Belgian  rate  i»  lor  convertible  francs.  Financial  Irene  46  75-46  B5. 


Latest 

prices  Ch'noe ; 
per  tonne  : on  , 
unless  ■ week  , 
stated 


I METALS 

Aluminium ' 

Free  Markets  e.l.t. 81325)1345. 4 90 

Antimony  .. — 

Free  Market  99.6' 52675.-8725  4 25 


EURO-CURRENCY  INTEREST  RATES 


Sterling. laif  lSJ*  i 12  I2i, 

U.S,  Dollar....  7^-71,  ! T.i-t.i 
Can  Dollar.'  10:8  llJ*  U<nll>c 
D Guilder...  5,^5^  i 5,j-5;i 
Sw. Franc.. SVEJa  .'  IO's-10^ 
Oeutsohmrki  4se-43,  , 4;.:-4-:fc 
Fr.  Franc...  81-9  1112  . 

Italian  Lire..  14-16  . tab  les,  i 


Morn  an  Gus  rooty  chaagac  mttsa 
1 380-1982  ■■  too.  Bask  at  Eagtad  Indw 
(boa*  avaraga  Un*100|l.  . 


OTHER  CURRENCIES 


B.FrJFinL....'  10-101, 
B.Fr.(Con)  ...[•  10-lOis 

Yen. • 5,’,-Bri 

D.  Krone — : B7|-9i« 
AaianliSngr1  7^-7,^ 


MS* 

W 

7J*B 


n:4-iii: 

: 7'3-7wi 

, lltl'i 
S«S-5s9 
43d^<s 
I 4Sj^J, 

I 121-13 
15.16  | 

9V10 
111,  119, 

ftS* 

719-7Ji 


Six  l 
Months  j 

10.*. -lose  j" 
74.  7 1, 


1 lHg-111,  1 IQ-.-lObg 
, 7J§  71?  I 7A.-7IJ 

iois-101,  9:^.9:% 

! 51--5SS  5,i.-6,> 

4,':-4r.j  3.0-3,.' 

liytfu  lQsJln'i, 

1S-15J,  147a  16ae 

95b.97b  Q3»-9 

ioir-ioss  9ia-9SB 

812-6*  Srk-Stk 

•l«-8?  8-8'* 

7A-7A  73,71, 


10^-10,, 

7>-7i» 

968-978 

IS-13 

tteilA 

1418-141, 


Copper-Cash  High  Grade 

3 months  Dp.  Oo - 

Gold  per  ox.  

Lend  Cash 

3 months  MMHNa  ■ aa  ■ ee  a*. 

Nickel  market  o.I.f.  IS  ... 

Free  — 

Palladium  — 

Platinum  per  oz 

Quicksilver  (76  IbH 

Silver  par  a2 

3 months  por  oz  .— — — 

Tin  cash 

3 months  •••MM  iMiu  aeeeaa  • * a. 

Tungsten  Ind.  

Wolfram  (22.04  Ib) 

Zinc  cash 

3 months.  

Producers  — 


GRAINS 

Barley  Futures— 


!f  1130,1150  |1S2S/1S<5  8975(995 

12900(3069 f8BT6rtIM^ R560/SH8 
£1194  £1339  £914 


£972,5  1-18  £1194  £1359  £914 

£991.73  [—12.75;  £12X4.25  £1351.7$  £934.75 


,.  S554.25  |4  7.S 
..  £248.5  (42 
.j  £256  14-0.75 


| 831 6 A ;1362 
( £302.5  *£391,5 
I £311.25  £853.5 


,6284.7 

£246.5 

[£255^5 


J 187(207c  i-4  238.2680  252,-282c  8175/ I95e 

3115.10  -44,6  : 61X2.60  [6129,65  ,692.25 
3428.60  ! 4- 18.6  > 9270.76  [5423. 50  '9244.25 
3233(243.4  10.5  3285(295  S 300/3 1012 10 ’230 

382.55p  1-6.25  S48.00p  |576.90p  381,75p 

392.0bo  ,-6.95  SSQ.BOp  ’594.4 Op  392.3Cp 
t ! - £9.660  (£10,325  £8507.5 

C i - £9,662.5  £10,232.S£8422.S 

365.61  42.85  iis.70  893.85  1965.71 

152)60  - 175(78  875178  152.60 

C41B.5  U2.5  £767  £857.5  \U12J3 

£430.75  -2.75  £746JS  . £855  E392.5 

9650(670  — 9900(94^9960  *650^70 


382.55P  i— 6.25 
392.66p  -6.95 


365.61  42.85 

952)60  - 

£418.5  L2.5 
£430.78  j— 2.75 
#650)670  — 


952.60 
\L3 72J6 
£392.5 
*680(670 


was  expected. 


INDICES 

FINANCIAL  TIMES 

Mar.-")  Mv.’M  M’th  "ago  Yearago 

~ -•  . -«  297,72* 

(Bass;  July  1 1852-100) 

REUTERS 

Ma^  2 1 Mar.  20  Mnh~ago  Year  ago 
1781.8  17B2.2  , 1834.4  "1983^7* 
Basse  Septamber  18  1931  — 100} 

DOW  JONES 

DowT  Mar.-]-  Me  r.- Month"7  Year* 
Jones  20  , ib  - ago  I ago 

Spot  131.48 131.57  **  — ~ 119^06 

Fut.^  133.85 133.56 — ,123 JO 

(Bess:  December 31  1931-1001 
* Not  aval  labia  due  to  euspenftion 
of  tin  LME 


Close 

High 

Low 

Pr 

Apnl 

S3 .82 

59.  OS 

SB. 42 

58 

Juno 

59.65 

59.92 

59.50 

59 

Auqust 

57  77 

S7.95 

57.60 

67 

Oct 

S6.77 

56.90 

56.65 

56. 

Feb 

5S.22 

58.23 

— 

58 

Apnl 

5S.85 

— 

— 

58 

lli/E  HE 

>GS  30,  C 

00  lb; 

cwus/lb 

Close 

High 

Low 

Pr 

April 

4130 

41.60 

41.02 

41 

June 

45  10 

45.30 

44 .87 

45 

July 

45.82 

45.90 

45.45 

45 

Aug 

«Z2 

44.45 

44.07 

44 

Oct 

40  70 

40.85 

4035 

40 

Doc 

41  S5 

42.00 

41.75 

41 

Fob 

42  00 

42  30 

41.85 

42 

April 

39  75 

39.7$ 

39.15 

39 

June 

41  S3 

41  82 

41  65 

41 

MAIZE  5.000  bun  mm: 

corns  '56 

fb  bushel 

May 

Close 

High 

Low 

Pi 

231.2 

234.2 

231.0 

23: 

July 

226  4 

229.2 

226.2 

22 

Sopr 

209.D 

210.6 

208.4 

20 

Doc 

202.2 

204.0 

201.4 

20 

Fdarch 

211.4 

213.2 

210.6 

21 

May 

215  4 

217.2 

215.0 

21- 

July 

217  4 

218.4 

217.2 

21 

PORK  BELLIES  28.000  lb;  CtnU/lb 


COTTON  50,000  Ib.  cants/lb 


March 

Close 

High 

Low 

Pr 

59.15 

59.60 

58.90 

59 

May 

6035 

61  £5 

60325 

60 

July 

61.47 

61.65 

67.02 

01 

August 

60  45 

60  50 

59.70 

60 

Feb 

61.35 

61.95 

61.15 

61 

March 

60.75 

60.75 

— 

60 

cents/GOIb-bushol 


CRUDE  OIL  (LIGHT)  42.000  US 
gallons,  S /barrels 


Close 

. High 

Low 

Pr 

May 

534.4 

538.0 

632.0 

53: 

July 

535.2 

537.2 

533.4 

531 

Aug 

533.2 

53S.0 

531.4 

53. 

Sept 

517.0 

303.0 

515.4 

51! 

Nov 

512.4 

514,8 

511.4 

51! 

Jan 

522.0 

523.6 

521.0 

5? 

Mar 

531.4 

533.6 

531.0 

S3. 

May 

543.0 

540.4 

539.0 

54 

SOYABEAN  MEAL  100  tons.  S/len 


Long-term  Eurodollars;  two  years  7V77*  par  cent:  three  yaara  7*«-8  per  cent; 
four  yaara  8-8 L per  cent:  fiva  years  SHi-81*  per  cent  nominal.  Shan-term  rates 
ere  Mil  for  US  dollars  end  Japanese  yen;  others  two  days’  notice. 


£116,80  +0.15 

Mates  Frcnoh. £141,50  — | 

WHEAT  Futures £118.50  +0.25 

SPICES 

Qnv» --  f — 

Pepper  white  1 — 

black. — t — 

OILS 

I coconut  (Philippines) S2B2.5X  -2.5 

Palm  Malayan.—..— fSBSu  '+5 

SEEDS 

Copra  (Philippines) |190x  — 

Soyabeans  (UA) 9221.5  — 

OTHER  COMMODITIES  j I 

Coco*  Future*  May. £1422  -103.64 

Corieo  Futures  May  . .— ^—1  £2446.5  —117  1 1 

Cotton  Index  — — ....  51.85c  -1.15  ;£ 

Des.  Coconut—.—.—^.!  7 — J 

CaatMIFut.  April 1 3143.5  +7,25  \t 

Jute  UABWD  grade ; *290  — ij 

Rubber  kilo.. [ -58p  -—1.5  C 

SIm)  No.  3U 5395  ; — |l 

Sugar  (Raw).— *l76xu  +5  'J 

Tea  (quality)  kilo ! 196p  (—6  1 

„ How  medi  kilo—.—-. — I llSp  — 1 

_Wboftops  64«  Super. — | 416P  kilo:  — ji 

t Unquotod.  (g)  Madagascar.  (*)  March-April. 

(u)  May. 


EXCHANGE  CROSS  RATES 


}2A'*j-  --{5 
fi-r-sd-J  -*C 

J *'£>•£«»- 

I 

-3w  -5-'? 

i-r)  -T-f—  ,u 


, Arg'tlna..,  1.2098- 1.20620.8000-0.80 10 
I Aut’aHa-iZ. 1060 -2.1060. 1.4005- 1.40 15 
' Brazil ...  ■ ' 20,7W1-S9J2?i  [ 13.77-13.B4 
Finland. ^7.6215-7^415:5.0820-5.0840 
I Greece ...  ,207.37-21 1 ^71 38.25-141.05 
! H 'kong  _ {11.7180. 1 1.  KM  ;7.8105-7.8125 

' lran« 1 116.30*  1 80.00* 

I Kuwait-  0.4310-0.4320  0^8650-0.28680 
i Lux'burgi  88.95-69.05  ! 45.b0-»5.70 
< Mafaycni  .<3.8 175 -3.8275, 2.B400 -2.5450 
1 N‘ Z'1and.:2. 7960-2 J060  1.8605-1.8655 
Saudi  Ar.;5, 48 20-6.4920, 3.6486.5.6495 
1 Sin'pora.  3.8480-3.2580  2.1610-2.1630 
i U.A1.  IGm)'3. 1200-3. 1 395.2,0745-2.0875 
I S^kf.  I Fn)..4,523 5-4.6640  3.0075-5.1010 
^ S.A.E.  w...i5.fl  155-6.525513.6780-3.6730 

• Selling  rate. 


* Pr.  I H FI. 


£ 1.  1.512.  3.588!  265.6:  10.43(  2.830,' 3.8231  2306.  2.1(ft(  69.00 

* 0.662  1.  2.242 , 175.8  6.898,  l.B72|  2.529 ( 1626.  1.393  46.65 

DM  : 0.295  0.446,  1.'  7B.38;  3.077!  0.83s|  1.1281  680.41  0.621  20.37 

YEN  3.766  6.693  12.76  ZOOO.;  39.27|  10.66|  14.40,  B682.j  7.628  2S9.9 

F Fr.  i "0JB69( T.4S01  'sil49  ’254^7!  ioi  2.715!  3.667l"22iT.j  2.0 19j  66.19 
SFr.  . 0.353|  0.534  1.197 [ 95.82'  3.684;  l.,  1.3511  8l4.5|  0.7441  24.38 


0,2621  0,396[  0.886 1 89.461  2.727(  0.74ol  1.  603.0  0.651  18.05 

1 0,434.  0.656!  1.470  116.2,’  4.623)  1.228)  1.658  1000.  0.913  29JB3 


C9  . 0.476;  0.718  1.600  126.1!  4.953,  1.344]  1.816  1095,  1.132.78 

BFr.  ! 3.449'  3.1911  4.909  ) 384.8)  15.11)  4.1011  5.640)  3341.)  3.061)  100, 

Yea  per  1.000:  EYencb  Ft  per  10;  Use  per  IJXXk  Betg  Pr  per  100. 


£161.00 

£119.56 


j - { 9252  19256.4  [9207.5 

| • 

—108.Sj£2058  l£2, 262.5  [£1,484 

-117  [£2286.5  £3,007.5  £1407.6 

>1.15  ;6 7.05c  71. 06c  47.70c 

- £1175  £1,260  £510 

+7,25  19232.35  3278JS  3133.75 

— )«90  8945  |«2QO 

1.5  |66p  70c  ,55p 

' — |S640  [9670  [9500 

+5  2112  9271  ;«82 


POTATOES 

Piofit-tmkinq  on  the  April/May 
straddle,  which  has  widened  by  £8 
over  the  weak,  resulted  in  good  buy- 
ing interest  in  April  end  selling  in 
May.  The  continuing  large  uncovered 
position  for  April,  which  has  shown 
in  increase  over  tha  past  two  days 
rather  than  the  normal  decrease,  has 
renewed  speculation  of  a technical 
squeeze,  reports  Coley  and  Harper. 

[Yesterday's--  Previous  'Business 
Month  • close  , close  ) done 

£ par  tonne 

Apr ■ 100.70  1 98.00  [1MA0  8B.M 

May j 117.00  115.90  117.0-1  IS.  to 

NOv 81.00  ; 81,30  1 9 LSD-9 1.00 

88.00  - 


GOLD  100  troy  oz.  S/troy  oz 


May 

Close 

High 

Low 

161.1 

181.2 

180.3 

Jul 

160.0 

160.4 

159.5 

Aug 

159.3 

180.0 

159.1 

Sept 

155.0 

155.5 

155.0 

Oct 

150.3 

150.3 

149-3 

Dec 

isn.s 

151.0 

149.5 

Jan 

151.3 

151.5 

150.3 

Mar 

152^4 

153.8 

152-0 

SOYABEAN  OIL  GO.OOO  lbs.  cents/lt 


367.7 

371.7 
375.4 
379.3 


HEATING  OIL  42.009  US  gallons, 
cents/US  gallons 


May 

Close 

High 

Low 

Pi 

17.52 

17.53 

17.38 

17 

Jul 

17.91 

17.9B 

17.74 

17 

Aug 

18.10 

18.10 

17.88 

17 

Sept 

18.12 

18.22 

18.02 

18 

Oct 

18.27 

18.30 

18.10 

IB 

Dec 

18.65 

18.75 

18.50 

IB 

Jan 

18.77 

_ 

18 

Mar 

19.17 

w_ 

_ 

19 

May 

19.45 

— 

— 

19 

WHEAT  5.000  bu  min. 

cents/fiOlb-bushel 


Fep 88.00 


Apr 104.00  : iO3.9O_105.3-10B.S0 

Sales:  844  (495)  lots  ol  40  tonnes. 
Earl  ms — July  26.30,  unchanged.  94.C0. 
92  50;  Aug  75.00.  unchanged:  Sept 
62,50.  unchanged.  Sales:  H (8)  lots 
oi  ID  tonnes. 


52.00 

52.00 

48.40 

60.47 

May 

Cfosa 

High 

Low 

Pi 

45.50 

45.51 

42.00 

*3.51 

309.6 

312.0 

307.4 

Sir 

42.31 

42.25 

39  60 

40.31 

Jul 

2E2.0 

258.0 

251.0 

2S- 

41.31 

41.87 

39-30 

39.87 

Sept 

255.0 

259.2 

255.0 

2S 

41.92 

41.30 

39  AO 

39-92 

Dec 

285.0 

269.0 

264.4 

28 

42.60 

42.50 

40.90 

40.50 

Mar 

267.4 

27D.O 

267.4 

271 

iSfcZZZ;  r-  imp  wig  SOYABEAN  MEAL 

Stupor. — __4l6p  fcifo; — ;522p  Kflo J526p  kilo  589  fclto^  


41.30  SPOT  PRICES— Chicago  loose  U 
42.10  11.50  (12.00)  cents  per  pound.  Ho, 
42,90  end  Harman  silver  bullion  87' 
43.50  (573.0)  cents  per  trey  ounce. 


(v)  April,  (y)  April-May. 


.Yesterday)  + or  Business 


MONEY  MARKETS 


iy  -r  *,  i 

i,:  - r-r-1  - • j 

i'--  s'  ; 

YY-i  ! 

' i x ! 


Bank  acts  to  slow  the  pace 


j? 

li*. 


; - *"[  jjj! 

tVo:s'  4' 


Cl 


1 The  Bank  of  England,  indi- 
1 cated  its  preference  for  a sfow- 
: down  in  the  recent  fall  in 
1 interest  rates  by  lending  money 
1 to  discount  houses  in  the  afler- 
; noon  instead  of  buying  bills.  The 
! rate  of  12  per  cent  was  not 
■ penal  which  suggested  that  it 
\ was  the  pace  of  movement 
i rather  than  the  decline  in  rales 
itself  which  courted,  official 
displeasure. 

Interbank  rates  showed  little 
reaction  . with  three-month 
money  ending  at  Ui-lli  P^r 
rent  compared  with  llivlif* 
per  cent  and  six  month  money 
lower  at  per  cent  from 

JOi-lOf  per  cent.  Weekend  inter- 
bank money  opened  at  12  H2? 
per  cent  and  touched  13  per 
rent  before  slipping  away  to 
iO  per  ceriL 

The  Bank  of  England  forecast 
a shortage  of  around  £50fim 
with  factors  affecting  the 
market  including  maturing  assis- 
tance and  a take  up  of  Treasury 


UK  clearing  hanks  base 
leading  rate  111  per  cent 
since  March  19 


bills  together  draining  £3S4m 
and  a rise  in  the  note  circula- 
tion of  £31Sm.  In  addition  banks 
brought  forward  balances  £45m 
below  target.  These  were  partly 
offset  by  Exchequer  transactions 
which  added  -£235m.  The  Bank 
gave  . help  in  the  morning  of 
£220m  through  outright  pur- 
chases .of  £35m  of  eligible  hank 
bills  in  band  1 at  11  j per  cent 
and  in  band  2 £lm  of  Treasury 
bills  and  £167m  of  eligible  bank 
bills  all  at  llv:  per  cent.  In 
bond  3 it  bought  £l4m  of  eligible 
bank  bills  at  llj  per  cent  and 
in  band  4 £2m  of  TYeasury  bills 
and  flm  of  eligible  bank  bills 
at  lift  per  cent 
The  Bank  of  England  declined 
to  aecept  offers  of  bills  In  the 
afternoon  but  invited  those 
discount  bouses  that  wished  to 
borrow  fund"  to  do  so.  This 
resulted  in  loans  of  £33Qm  at 


12  per  rent,  repayable  on  April  cent  from  11.1596  per  cent.  All 
I.  The  forecast  had  been  the  ilOOm  of  hills  offered  were 
revised,  without  taking  into  allotted  and  the  minimum 
account  the  morning  help,  to  a accepted  bid  was  £97.30,  met  at 
shortage  of  around  £550m.  Total  that  level  as  to  about  34  per 
help  was  £550m.  cent  and  above  in  full.  Nest 

The  average  rate  of  discount  week  a further  XlOOm  will  be 
at  yesterday's  weekly  Treasury  on  offer,  replacing  a similar 
bill  lender  fell  to  10.7831  per  amount  of  maturities. 


BASE  METALS 
ALUMINIUM 


I Unofficial  + or  ( 

I c)OM(p.m.l  — i Hlgh/Iow 
! £ por  tonne  I 

Ca»h  '.809-10  1 -9.5  i gOS, 906.6 
3 month*  1229-30!  - 10.76  ■'  133/825 

Official  closing  (am):  Cf ah  8TS-.5 
(8C3-10),  three  months  826-7  (832.5- 
3.5),  lenionvsnt  836  5 (810).  Final 
Kerb  close:  826-7 
Turnover;  11.575  tonnes. 


i Hlgh/Iow  ZINC 


£ | ■ 

Lewis  and  Peat.  Closing  price*  1 

(buyers):  Spot  58.00p  (same);  May  Apr  - ,,  r.a  n.i«  n l—jjof  134  0 

S6.50p  (57.60b):  June  57.00p.  The  Kuala 

Lumpur  fob  price  (Meiayaia/Smgapore  Auguet—  127.6-127.0  l.to’  — 
came  par  kg:  RRS  No  1 was  195.Q  October-—!  128.0- 128.5  1.&0  129.5 

(134.0)  and  lor  SMR  20  191.0  (190.0),  Doc.  — — .—‘128.5- 123.3  -2.10-  129.2 

Feb.-*. ■ I M. 0.185.0  —1.00,  - 


COPPER 


— :usr,=  tr;  Higiu  low 


FT  LONDON  INTERBANK  FIXING 


C+sh 
3 month* 


| 972-3  1-0.76) 
! 991.5-2  — 1 LSI 


(11.00  un.  March,  ail 
Three  months  US  dollars 


Six  months  US  dollar* 


flv»  nrfarancs  banks  at  It  am  each 
Tha  fixing  rates  are  tha  arlthmetio  working  day-  The  banks  are  National 
means,  roundod  to  lh‘o  nearest  one-  Westminster  Bank,  Bank  ot  Tokyo, 
sixteenth,  of  the  bid  and  offered  rates  Deutsche  Bank.  Bnnque  Nationals  da 
for  310m  quoted  by  tho  market  to  Parle  and  Morgan  Guaranty  Trust. 


MONEY  RATES 


- OVr-nlB't:  Month  ! Months  ! Months  > Months  ] 


Frankfurt  - 

Pane 

Zurich 

Amaterdam 

Tokyo  

Milan 

Brussels 

Dublin 


4.76  4.55-4.75 

8*  ; Bii-B. Jj  < 

Ip-Ha  4SaAi=  | 
5.?.-5sii  6*s-6Ss 

5.40625  J 5.55635] 

161(1-1714  '166^.17 

10.25  ; gia.Bia 


4,554.75  4.454.804.464.60  4.4B4.60; 
; 8>«-8J!s  > B's-8 *e  * 8J<<04  | a)«GJ<  I 


441*  , 
B.t-5'2 
5.40623 
16  1648  I 

! 


- ;15I4-161S[  144*  15  I1418-14S8,  llia-12  ! — 


LONDON  MONEY  RATES 


7d»y»  | 

notice  Month 


Three  Six 
Month*  Month* 


Official  closing  ram):  Cash  962-3 
I (979-80).  throe  months  985-6  (1000-1), 
■Bttlamsnt  963  (980).  Final  Kerb  close: 
389-90. 

Cathodes  1 [ : 

Cash  972-4  I — 10.5  066 

3 months  I ggo^  '—8.3  — 

Official  closing  (am):  Cash  963-5 
(975-7),  thro*  months  987-8  (996-8). 
Battlement  965  (977). 

Turnovei:  58.625  tonnes.  US  producer 
price*  70-75  cents  pet  Ib. 

LEAD 


j Unofficial  + or . 
'cloteip.m.j  — ; Hlghilow 
£ per  tonne 

Cash  j 248-9  , -3  i 249 

8 months  1255,5-6.5  -4  I 557.5/26* 

Official  closing  (am):  Cash  2J9-.5 
(250-0.5),  throe  months  256-. 5 (258- 
B.5),  settlement  248.5  (250  S).  Final 
Kerb  close:  254-5  * 

Turnover:  5.525  tonnes.  US  spot: 
18.25-20  cents  por  Ip. 


High  i Unofficial  +or  ■ 

arade  closdp.m.)  — High  /low 
M ! £ per  month 

Cash  ) 418-9  1 - 3.5  » 476 

3 months  1 430.6-1  ; —3.35'  4|||42t 

Official  closing  (am);  Cash  415.5-6 
(418. 5-3  J).  three  months  428-.  5 
(430-1).  sanlemm:  416  «479.5).  Final 
Kerb  cloca:  430-1. 

Turnover;  3.150  tonnes.  US  Prime 
Western:  30.5O-3S.75  cents  per  Ib. 

GOLD 

Gold  rose  J3*i  an  ounce  from  Thurs- 
day's close  m tha  London  bullion 
market  yesterday  to  finish  at  S354- 
53541*.  Tho  metal  opened  at  S351V 
S3S21i  and  traded  between  e high  of 
S355-35S4  and  a low  ol  S250~350h. 
Trading  was  fairly  uneventful  ahead 
of  the  weekend  with  seme  squaring 
of  books  accounting  Jor  tha  firmer 
trend. 

GOLD  BULLION  (fine  ounce)  Mar.  21 

CIOS* #3 54-364 h)  (£236>*-235»t 

Opening^ 836114-35214  (£234-234ii» 
M'ni’0  tec.  9352.35  <££34.499, 


Affn'n  fix  9368.90 


(£834.766) 


rou.  — - ;iju.B-iaa.u  — i.uu,  — 

Apr I SO  JM 5 4.0  —0,60 

Sales:  70  (20)  lots  ol  20  tonnos. 

MEAT 

Pigmeat  prices  continued  io  ease 
due  mainly  to  falling  physical  pncc3 
and  some  light  belated  prcfit-takmg 
and  light  fresh  selling.  Beef  prices 
eased  because  ol  lower  physicals 
creating  fresh  selling  interest  and  light 
profit-taking,  reports  Easton  Capnal- 
CCST. 

PIGMEAT  {BEEF  " 

• Y'day  • + or  j Y'day  ! + or 
Month  • close  ■ — I close  ■ — 

p-  per  kilo  (deadweight) 

April 102.60.  — i I&4.IO1  —4.40 

May- f 101.50'  — f 193.00;  +1.M 

June 101.50,  — 0.50  193.00 1 +1.00 

July- 100.40.  —0.60;  190.00;  — S.U 

Aug -!  100.80'  —0.70'  183.00:  -8.00 

Sep 105.90  -OJO;  183.00  +3.00 

Pigmeat  sales:  43  (47)  lots  of  50 
carcases.  3.250  kg. 

Be  el  sales;  B (0)  lots  of  20  sidos. 
MEAT  COMMISSION— Average  fat- 
stock  prices  at  representative  markets. 
GB— Cattle  94.S8p  per  kg  )tv  r-0.81). 
G8 — Shsep  233.15s)  par  kg  cst  dew 
(+9,80).  GB— Pigs  72.41  p per  kg  Iw 
(-4.43). 


119.65.  Sept  99.75.  Nov  102-70-2.65. 
Jan  106.10-6-00.  Salas  158  lots  of 
100  tonnes.  Barley:  March  113.75.  May 
116.20-6.15.  Sept  98.20-8  05.  Nov 
101 .5a  J.W  104.75.  Sales:  77  lots  ot 
ICO  tonnes. 

LONDON  GRAINS— Wheat:  US  dark 
northern  spring  no.  1 15  per  cent  May 
123  50.  Juna  121.75  trans-shipment  eaat 
coast.  US  no.  2 soft  red  winter  June 
92  25,  July  91.75.  EC  second-half  April 
HI.  English  feed  fob  April  119.50/ 
120.00  buyar/saliar.  May  120.75  seller. 
April/ June  120  CO  buyor.  Sept  101.09/ 
101.50  buyar/seller,  J.m/March  n2.CD. 
Apnl/Juno  117.00  sellers.  Maize:  US 
no.  3 yelJowrFrench  trans-shipment 
east  coast  lirei-half  April  141. SO. 
Barley:  English  feed  fob  March  116.00. 
April  119.50.  April/June  121 -CO  sailors, 
July/Aug  98.00.  Aug  33.00,  Sept  100.50. 
Oci/Dcc  103.00  buyer. 

HGCA— Locational  ex-farm  spot 
prices.  Feed  barley:  E Mids  113.70. 
N.  East  113.90.  Scotbnd  110.00.  The 
UK  monetary  coefficient  for  the  week 
beginning  Monday  March  31  (based  on 
HGCA  celcirhmons  using  2 days* 
exchanne  rams)  is  axpecicd  to  change 
to  1.089. 


April  13.50-15.00;  May  13.C9-15.C0;  Ju, 
12.90-14.50;  July  12.80-14.00:  A 
12.10-14.50. 

Turnover:  0 (0)[  lots  oi  1,000  barrt 


SUGAR 


Reports  that  India  had  paid  3220  r 
tonne  c and  f Idled  prices  beck 
around  the  high  points  touched  ear) 
this  week,  reports  C.  Czamikow, 

LONDON  DAILY  PRICE— flaw  sur 
S116  OO  (017  50).  up  S2.Q0  (up  C1.C 
e tonne  for  March-May  delivery,  Wh 
sugar  5291.50.  unchanged. 


No.  8 Yest'day'si 

Previous  1 

Con-  ; close  j 

dose  . 

l done 

tract  ■ 

Two  cargoes  of  Slat  fjord  sold  to 
major  rehnera.  Otherwise,  dated  North 
Sea  crudes  were  neglected.  There  ware 
several  deals  In  Brent  tor  May  and  one 
tor  June.  May  WTl  opened  37c  down 
on  Nymex  and  traded  at  28c  down  at 
1 pm  EST.  In  the  petroleum  products 
market  gas  oil  prices  fell  as  news  from 
Opcc  remained  confused.  Next  weak's 
developments  are  awaited  before  any 
commitments  are  made — Petroleum 
Argus.  London. 


COCOA 


SPOT  PRICES 


Kr'g'r'rtd.  9363-35*4  (£234^255, 

13  Krug.  *185i»  187  i£123is-124ly) 

'\Kttf0.  99414-9612  ^£69^4  -&313/ 

1)1Q  Krug.  938)4-39  (£96i$-26. 

Mapleluf  9261 14-362  ^BMOla-SOOSt) 
Angei  9383)2,365^  (£2!42Lc  343; 

lil«  Angol  937-42  (£24is-28r 

Now  Sov..  98414-85 U t£56i4-56J») 

>:NswSov  96OI4  50 S«  |£33>r-33ii, 

fWi'Mk  l£60-60i». 

ISO  Eagle  9440-480  (£202i5  3l9'o 

NOblOPIM  I43B3(-444J4  (£2 82 >c -29554; 


At  the  end  of  en  extended  Opening 
call  futures  had  eaSBd  more  than  £40 
2nd  continued  trading  on  a week  note 
thereafter  Producers  declined  to  follow 
the  market  lower  but  consumers  were 
actively  buying  scale-down  throughout 
the  day.  reports  G,l-’  and  Ouffus. 

[Yesterday'r  ~ “ ~ 
, Cloeo  + or  Bu tineas 

COCOA  : j — . Done 

t per  tonnel 


Chanpo 

Latest +_or  — 

CRUDE  OIL— FOB  (S  par  barrel)— Apr]) 

Arab  Ugbt  ■ — 1 — 

Arab  Heavy  — \ _ 

Dubai.. j 2 1.60. 1 1,70  1—0.10 

Brent  Blend 1 15.25-13.55  1-0.65 

W.T.I.  (lpm  estl. — : 12.5B-12.B0  Uo.45 
Forcados  (Nloerlai  [ — , _ 

Ural*  (oifNME)  — _ 

PRODUCTS— North  Wffit  Europe* 

Prompt  delivery  ell  (9  per  tonne) 


1913  U3-12IB  ii{i-iiajiii«.iHB.i0it-i03*|iOA-i0j* 
- [ - Ure-llji  IIA-IIyx-IOU-IOSb 

121a  [UV12  115,  , Hie  j 10*  I 10U 

12U  [ 1H|  ; 10»B  lOrV 

IOI2J4, 2lVll3<  3 2 >z  I 3D7b  .'  - ; - 

I2l4-121a12>4-125ft  13  ■ 11>i  j - , ••• 

' 4 « 1 J ni.  ' iriL.  1A1. 


: 18  11*  loss  . - 

7.3 5 .7.401 7, 2 5-7. 5 O'  7 , 2 S • 7 .3  0 1 7.3-7.36 
7ie-7fl,  = 7 ,^7 ft  } 7f«-7a,  1 7-7 U 
J 9,;. 9,1-  ! B.L-fi-Sr  I • 8.L-8.L 


treasury  Bills  (spll):  ono-monih  H3*  por  cent:  ihree-moniha  10L  per  Cent. 
Bank  Bills  (sell):  one-month  11^*  per  cent;  three-months  iCPa  par  cent.  Treasury 
Bills-  Average  lender  rate  at  discount  10.7831  per  com.  ECGD  Fixed  Finance 
Scheme  IV  reference  dare  February  S 10  March  4 (inclusive):  12.654  per  cant.  | 
Local  authority  and  Finance  Houses  seven  days'  notice,  others  seven  days'  Head. 
Finance  Houses  Base  Rare  13  per  cent  from  March  1 1988.  Bank  Deposit  Rare 
for  sums  at  savan  deys'  notice  5V5  par  cam  Certi[icai*»  oi  Tax  Deposits 
(Series  6);  Deposits  £103,000  and  over  held  under  one  month  111*  per  cam: 
une-threa  months  11*7  per  cent;  three-gix  months  11  per  conn  six-nine  months 
10*3  par  cent:  nine- 12  months  104  per  cent-  Under  £100,000  10b  per  cant  from 
March  21.  Deposit*  held  under  Series  5 10b  per  cent.  Deooeli a withdrawn  -far  . 
cash  7 per  cent. 


NICKEL 


Interbank 

Sterling  CDs. - ; 

Local  Authority  Depos 
Local  Author ’y  8onds ' 
DucdunC  MW  Depps. 

Company  Depoa. 

Finance  House  Depos 
Treasury  Bills iBuy «... 

Bank  Bills  1 Buy  1 

Fine  Trade  Biffs  rBuy* 

Dollar  CDs^ 

SDR  Linked  Dopes.. 
ECU  Depos. 


j Unofficial  + or  1 
closetp.m.)  — [Higlu  low 
£ per  month 


Cash 

2 months 


| J7554  | —68 
! ZBl  1-4  ; -60 


I - 

j 2850-2795 


Official  dosing  (am):  Cash  2755-50 
(2780-5).  rhrea  months  2815-30 
(2860-70),  ssiilemeni  2760  (2785)-  Final 
Kerb  close:  2805-35. 

Turnover:  1,714  tonnes. 


Kuala  Lumpur  tin  market;  Unavail- 
able (15-70)  ringgit  per,  kg. 

RUBBER 

PHYSICALS  — Tha  London  market 
opened  slightly  easier,  mat  consider- 
able sailing  pressure  throughout  the 
day  and  dosed  sharply  lower,  reports 


SILVER  £St 

Qaa 

Silver  was  fixed  Q.4p  an  ounce  Mird 
higher  for  spol  delivery  m the  London  May.. 
bullion  market  yesterday  at  382.55p.  - 
US  cant  oqowalonts  of  the  fixing  levela  Sal 
ware:  spot  574.25c,  up  2.95c:  three-  (CC 
month  584.3c,  up  2.9c:  si ‘-month  POimc 
SW-Sfc  upJJSb;  end  f2-mortfh  635e.  W-?8 

up  2.15c.  Tho  metel  opened  at  384*  Marcf 
335>,p  (577-5?9c)  and  closed  at  383-  • _ 

384LP  (576- 578c).  QR 

SILVER  ] Button  !+  or'  L.M.E.  +or  WHEA 

per  Fixing  1 — 1 p.m.  — ,,  ti 

troy  J Price  | : unofflc‘1  Mnth 

Spot.. ;‘582^8p  i+Mfl!  581.6p""i-2 

5 moflths.[89S,65p  l+8^S'39a.26p  i-Mi  Mw— 

6 month*., 40 i,90p  1 — , — ; - May- 

I!  months,490.10p  |-8£aJ  - i — July.. 


March ! 1412-1420  -94.0-  148S-M3D  Prombt delivery  e r IS 

May ^...:  1427-1428  -82.5  UBS- 1425  ” «HVery  » P«r  ton 

July — 1453-1454  —88.5'  1515-1452  Premium  gasoline  J 157-161 

Sept, 1486-1487  -83,5;  15MM488  Gas  Oil- I 176-177 

Dec.  1 1518-1520  -78.5i  1570-1516  Heavy  fuel  oil  88-90 

March, ' 1550-1535  -74.0  1539-1650  Naphtha. 130-154 

May.  -.-  ..  1670-1575  -74.0  IS  (ff  167a  ;May 


Salas.  6,791  (3.120)  lots  of  10  tonnes. 
(CCO  indicator  prices  (US  cents  per 
pound).  Daily  price,  lor  March  2C: 
88.78  (38.76):  live-day  average  lor 
March  21:  98  63  (38-62). 

GRAINS 


Testerd'yi  + or:  Ycsterdya  4-  or 


Heavy  fuel  t»i| 88-90  : - 

Naphtha. ; 130154  [ - ' 

?May 

.Turnover:  0 (0)  lots  ol  1.000  barrels. 
GAS  OIL  FUTURES 


S per  tonne  F.O,B. 

MayT....  ;^7D.BTi  7 l.D'l  M>l  Bs:4  fi  7 CO'b 

Aug 177.2-177.8,  170.2-170,4  177.B-17 

Oct ; iao.4-18D.6i  17S.2-175.4i  180.8-17 

Dec [ 1B5.6-184.G.  178.8-177.4;  - 

Mar ; 190.2 131,0'  185.0-185,8  189.0-18 

May 194.2-194.8;  1B7.0-187.S  — 

Aug ; 198.2-139.8:  mSj-lMjjl  - 

Sales:  2.453  (1.667)  lots  of 

tonnes. 

Tate  and  Lyls  delivery  price  ■ 
granulated  basis  sugar  was  £22S 
(£221.50)  a tonne  (Or  export. 

International  Sugar  Agreement 
(US  cents  per  pound  fob  and  stow 
Caribbean  ports.)  Prices  far  March  I 
Daily  price  7.0)  (6.90);  15-day  avera 
6.60  (6.52). 

No  6 011  contract— May  18 3.5-90 
Aug  195.8-6  0;  Oct  198.0-9.0,  Soli 
303  lots  of  50  tonnes. 

PARIS — (FFr  per  tonne):  Mav  141 
1418.  Aug  1450/1453,  Or?  1484/1 « 
Dec  1575/1520,  March  1550/1550,  M 
1590/1605. 


FREIGHT  FUTURES 

The  dry  cargo  market  continued 
oaso  and  remained  linn.  Tanker  valur 
rose  m free  wnh  the  physical  marlu 
reports  Clarkson  Wolff. 

! Clou  ; HlghlLow ! Prcv, 
Dry  Cargo 

April  802.-B02.5  i 805)799  [ 836,80 
July  J 735:736  j 736rtS5  735)74 


Business 

Dono 


April  . . 

May— ..... 


May»i  118.60 
July-  119.66 


LME— Turnover:  5 (11)  lots  of 

10.CC0  oz. 

Three  months  high/Iow  333p.  fine! 
kerb  293-5p. 


Sept.,  99.75 
Nov-!  202,65 
Jan-.!  106,00 


+ 0.65;  116.20  >0.20 

1 * 0,60:  — 

>*D.to;  90.20  :+0.M 
, - a05  102.50  : +0.10 
• - 1 104.70  +QJB 


Yesterd'ys  - 
- Close 

. sus 

por  tonne ' 


155.50  ! -0.00  162.50  55.DO 

143.50  (-1.50  M5.5IM2.2S 
134.26  -2.26  158.BU-34.2S 

132.50  -2.75  137,00-32.50 

136.00  '-I. QO  138.25-56.00 

138.00  1-4.50,  — 

i — / 


836.30 

735)74 

840.9(8 

856)86 

935/94 

795(82 

880)92 

870/92 

746.5 


Oct  ! 838.5  841'  I 
Jan.  - B56iG60  ' 
April  923/940  ; 
July  ) 795.820  ; 
Oct  > 876/925 
Jan,  . 860 '945  . 

BF1  744,5  i 

Turnover:  111  (40). 


Close  1 High/Low  I Prev. 
Tankers'""""  " 
Mar.  | 900,970  - 965/9601  920)95 
April  820.-a30  840)950  > 335, Bd 
May  790)810 . — , ainms 


Business 
116.00-5  95. 


don*  — Wheat; 
May  118.50-8.10. 


;+0.n  Turnover;  3.408  (3.323)  lots  of  100 

l+o!ffi  lortn8S- 

— CRUDE  OIL  FUTURES— Brent  Blend 

March  Index.  S ■ barrel.  (Close,  change. 
July  business  done):  Index  13  79.  —0-63; 


June  750/810 1 
Sept  1975)1020 
Dec.  I960' 1000  [ 
BTL  j 970.6  ' 

Turnover:  62  (34); 


“ I 810)82 
j 860/87 
“ 986,99, 

- . 960,100 

- I 948,0 


I 


16 


LONDON  STOCK  EXCHANGE 


Equity  leaders  refuse  to  retreat  from  record  levels 

Index  up  51.5  on  week  at  1412.2 


Account  Dealing  Dates 
Option 

: First  Deciara-  Last  Account 
■) eatings  tions  Dealings  Day 
larlO  Alar  26  Mar  27  Apr  7 
flpr  1 Apr  10  April  Apr  21 
Apr  14  Apr  24  Apr  25  Slay  6 
■' * " Nwwtime  " dealings  may  take 
lacs  from  9 JO  am  two  business  days 
arliar. 

■ The  pace  slowed  yesterday  but 
;Amdon  ' equities  stubbornly 
.efused  to  give  back  the  sharp 
pains  of  the  three  previous 
. essions.  A technical  reaction 
.ooked  initially  possible  after  the 
faree-day  uninterrupted  rise  of 

• jver  57  points  in  the  FT  Ordi- 
■lary  share  index.  Jobbers  ten- 
'atively  marked  blue  chip  issues 
’ower  at  the  opening  but  profit- 
making  sales  were  countered  by 
resh  demand  and  prices  gradu- 
dly  reverted  to  overnight  levels. 

1 Institutional  investors  appeared 
o be  satisfied  with  recent  pur- 
chases and  confined  their  atten- 
ions  to  stocks  about  to  report 
rading  statements  or  selected 
.ituation  issues.  Distillers  came 
• o the  fore  on  the  early  announce- 
ment that  the  Office  oE  Fair 
grading  had  given  the  green 
:ight  for  ihe  conditional  Guin- 
ness offer  to  proceed.  Shortly 
afterwards  rival  bidder  Argyll 
.pro up  countered  with  an  in- 
'-.reased  final  bid  for  Distillers. 

The  re-investment  of  profits 
'-esutimg  from  recent  successful 
'akeover  situations  continued 
:md  perennial  favourite  Rown- 
ree  Mackintosh  was  singled  out 
^arge  buying  followed  sugges- 
tions that  Swiss  group  Su chard 
vas  ready  to  pounce.  Other 
■leneficiaries  of  speculative  acti- 
vity including  leading  mining 
liouse  RTZ,  MEPC  and  Pearson 
group. 

i Post-Budget  enthusiasm  con- 

■ inued  to  inspire  smaller  inves- 
’ ors  who  concentrated  on  a broad 
j-ange  of  first  and  second-line 

n dust  rials.  Following  a strong 
.lerformance  by  the  exchange 
'rate — it  closed  at  $1.5115 — hopes 
.itrengthened  of  further  cuts  in 
'merest  rates.  Three  months 
nterbank  settled  at  llv*  per' 
!,ent  compared  with  current  base 
ending  rates  of  111  per  cent 
mt  the  authorities  signalled  that 
iny  further  reduction  so  soon 
tf0uid  not  be  welcomed. 

International  equities,  dull 
since  the  Budget  imposition  of 
ai  5 per  cent  tax  on  American 
•Depository  Receipts,  brightened 
llate  in  the  session.  The  Trea- 
sury Economic  Secretary  stated 
'that  the  Government  would 
“insure  that  the  proposed  mea- 
‘sure  will  not  have  a wider  effect 
'•;han  intended. 

The  FT  Ordinary  share  index 
>wbich  soared  through  1400  on 
'Thursday  only  li  trading  days 
‘after  piercing  13000  for  the  first 
/time,  closed  2.9  down  at  14122 
lbut  over  the  five-day  period 
'recorded  another  big  advance  of 
‘rover  51  points. 

Clearers  easier 

The  surging  pound  attracted - 
fresli  overseas  buying  to  Gilt- 
edged  securities.  Demand  was 
again  aimed  at  the  four  partly- 
paid  issues  and  in  the  after- 
hours’  trade  the  two  £25-paid 
slocks  were  standing  a point  up 
on  balance.  Fresh  Government 
funding  via  the  issue  of  three 
tranches,  totalling  £400m,  of 
existing  stocks  made  no  impact 
nn  the  tone.  Despite  confirma- 
tion of  a lower  rate  of  inflation, 
index-linked  Gilts  rebounded 
from  recent  weakness.  Sudden 
demand  caught  both  the  market 
and  the  authorities  short  of  stock 
and  prices  rose  two  points 
before  retreating.  Most  surren- 


dered a point  of  the  rise  prior 
to  improving  again  late  and  end-, 
ing  around  li  points  up  on  tne 
day.  , , 

Clearing-  banks  paused  For 
breath  yesterday  after  a fort- 
night which  has  seen  the  sector 
advance  strongly  in  response  to 
bullish  brokers’  notices  in  the 
wake  of  the  impressive  dividend 
season.  Demand  has  also  been 
stimulated  by  the  absence  of  any 
penal  tax  measures  in  the  Bud- 
get and  a press  suggestion  that 
the  re-rating  of  the  clearers  has 
only  just  begun.  End-week  profit- 
taking  clipped  25  from  NatWest, 
but  the  shares  still  retained  a 
rise  of  94  on  the  week  and  1S3 
over  the  two-week  period  at  91Gp. 
Midland,  at  536p.  lost  23  of 
Thursday's  advance  of  54.  while 
Barclays  dipped  21  to  56Sp  and 
Lloyds  gave  up  19  al  65Sp. 
Elsewhere.  Standard  Chartered, 
firm  of  late  on  consortium  bid 
speculation,  declined  14  at  555p; 
the  preliminary  results  are 
scheduled  for  Tuesday.  Discount 
Houses  continued  to  reflect  the 
move  towards  cheaper  credit 
costs  with  Cater  Allen  a further 
25  to  the  good  at  613p.  Win* 
trust,  10  up  at  320p,  continued 
firmly  among  merchant  banks, 
hut  Schroders  fell  a point  to  £14; 
following  profit-taking  in  the 
wake  of  the  results. 

Composites  led  the  way  in 
Insurances.  Demand  ahead  of 
their  respective  preliminary 
statements  on  April  2,  helped 
GRE  improve  12  to  8S0p  and 
Sun  Alliance  put  on  10  at  720p. 
General  Accident  moved  up  13 
at  S98p.  Dull  since  the  budget 
on  competition  fears  following 
the  Government's  move  to 
encourage  investment  in  UK 
equities  via  a Personal  Equity 
plan.  Life  Insurances  steadied. 

Wellcome  attracted  late  sup- 
port and  touched  222p  prior  to 
closing  7 higher  on  balance  at 
217p. 

Distillers,  buoyant  in  early 
trading  on  news  that  the  revised 
offer  from  Guinness  had  escaped 
a Monopolies  Commission  refer- 
ence. made  further  progress  in 
the  wake  of  the  increased  and 
final  shares-and-cash  bid  from 
rival  suitors  Argyll  Group  and 
touched  a new  peak  of  685p 
before  settling  37  up  on  balance 
at  677p.  Argyll,  which  earlier 
announced  that  it  held  just  over 
17.5  per  cent  of  Distillers  and 
was  believed  to  have  made 
further  market  purchases  during 
tiie  day,  dipped  to  320p  before 
settling  only  7 cheaper  on 
balance  at  330p.  Guinness  closed 
10  up  at  3l0p  amid  widespread 
speculation  that  the  compaay  will 
raise  its  bid  terms  on  Monday. 
Distillers  has  agreed  the  sale 
of  selected  whisky  brands  to 
Lonrho’s  Whyte  and  Mackay  sub- 
sidiary. Lonrbo.  still  buoyed  by 
consortium  takeover  hopes, 
closed  5 up  at  290p.  after  294p. 

Breweries  finished  a remark- 
able week  on  a bright  note.  The 
Chancellor's  decision  not  to  raise 
excise  duty  continued  to  stimu- 
late widespread  support  through- 
out the  leaders  with  Bass  23 
higher  for  a week’s  gain  of  110 
to  825p.  The  better- tha ^antici- 
pated preliminary'  profits 
prompted  renewed  support  for 
Boddingtons  which  touched  126p 
before  settling  7 up  oo  the  day 
and  19  on  the  week  at  124p. 

Housebuilders  continued  to 
make  good  progress  in  the  wake 
of  the  Mortgage  Rate  cuts.  Bryant 
adding  3 more  to  122p  and 
BeJiway  4 to  1 S4p.  Further 


SHARE  PRICE  MOVEMENTS 
!N  RE  AL  TERMS'  - T-  v : : 


V— FT-  Actuaries  ALL-SHARE  Index 
Adjusted  tor  Inflation 


IflTI  72  73  74  ■H78  77‘78  79'M,8i1CP,84'g5'W 


demand  in  a market  none-too-well 
supplied  with  stock  lifted  C.  H. 
Beaser  14  to  636p,  but  comment 
on  the  interim  results  prompted 
a reaction  of  14  to  140p  in 
Barratt  Developments.  Else- 
where, Press  comment  stimulated 
Derek  Crouch  which  gained  S to 
150p,  but  the  board’s  profits 
warning  continued  to  depress 
Phoenix  Timber  which  gave  up 
5 more  to  95p. 

ICI  gave  another  subdued  per- 
formance and  settled  5 cheaper 
at  991p.  Elsewhere  in  the 
Chemical  sector,  revived  bid 
speculation  lifted  Foseeo  24  to 
29Sp.  USM-quoted  Alida  con- 
tinued to  draw  strength  from  the 
good  annual  results  and  rose  25 
to  425p. 

Woolworth  wanted 

Leading  Retailers  closed  a 
shade  easier  for  choice,  despite 
the  optimistic  tenor  of  the  latest 
FT-CBI  survey  of  distributive 
trades.  Woolworth  provided  a 
note  able  exception,  however,  and 
advanced  23  to  643p  amid  per- 
sistent buying  ahead  of  next 
Wednesday's  preliminary  results. 
Mail-order  house  Grattan  dipped 
14  to  428p  in  reaction  to  the 
rights  issue  that  accompanied  the 
full-year  figures.  Empire  fell  4 
to  172p  in  sympathy,  but 
Freemans,  scheduled  to  reveal 
annual  results  on  Monday',  were 
unchanged  at  424p.  Further  con- 
sideration of  the  respective 
interim  and  final  results  lifted 
Blanchards  5 to  123p  and  Wickes 
16  to  175p.  Albert  Martin,  full- 
year  figures  expected  next 
Tuesday,  improved  5 to  101p, 
while  revived  interest  was  noted 
for  Etam,  10  up  at  250p  and 
Bentalis,  a few  pence  dearer  at 
172p. 

Still  reflecting  fears  of  a pos- 
sible Government  squeeze  on 
defence  spending,  GEC  lost  6 at 
192p  and  Racal  declined  4 at 
192p.  Among  other  Electricals 
leaders.  BICC  relinquished  5 to 
340p  ahead  of  Wednesday's  pre- 
liminary figures,  while  falls  of 
2 and  4 respectively  were  seen 
in  British  Telecom.  226,  and 
Thom  EMI,  477p.  STC.  at  122p. 
lost  half  of  Thursday’s  rise  of 
12.  Elsewhere.  Norhain  plum- 
meted 20  to  I70p,  after  160p,  in 
reaction  to  the  profits  warning, 
while  Kode  International  cheap- 
ened 10  to  130p  on  further  con- 
sideration of  the  poor  results. 
Renewed  speculative  support 
amid  asset  injection  hopes 
helped  SunJeigh  touch  a new 
peak  of  26 Ip  before  closing 
unchanged  on  the  day,  but  3} 
dearer  on  the  week  at  251. 


Sound  Diffusion  edged  forward 
a penny  more  at  46pi  and  United 
Leasing  added  11  at  278p. 

Engineers  finished  a lively 
week  with  further  good  gains. 
Among  the  leaders,  GKN 
advanced  S more  to  372 p,  while 
Vickers  touched  480p  before  clos- 
ing below  the  best  at  475p,  up  7 
on  balance.  Hawker  held  at  613p 
for  a rise  of  42  on  the  week.  In 
contrast.  Delta  were  actively 
traded  down  to  230p  before  clos- 
ing 11  off  on  balance  at  239p  fol- 
lowing disappointing  preliminary 
figures.  Banro  Industries,  on  the 
other  hand,  still  reflecting 
record  annual  profits,  rose  5 more 
to  I85p.  Wadkin  were  notable 
for  a fresh  rise  of  13  to  243p, 
while  Press  mention  stimulated 
interest  in  Birmid  Qualcast  which 
closed  31  higher  at  125p. 

The  sector's  two  raapor  con- 
fectionary groups  made  most  of 
the  running  in  Foods.  Perennial 
.takeover  favourite  Rowntree 
Mackintosh  revived  strongly 
amid  rumours  of  a bid  from 
Swiss  group  Suchard  and  the 
close  was  50  higher  on  the  day 
at  525p.  Meanwhile,  Cadbury 
Schweppes  touched  lS9p  in 
active  trading  before  settling  a 
penny  cheaper  on  balance  at 
lS6p,  following  reports  that 
Allied-Lyons  had  made  a firm 
offer  of  around  £100m  for  its 
beverage  division;  Allied-Lyons 
rose  7 to  337p.  S.  and  W.  Beris- 
ford  edged  up  a couple  of  pence 
more  to  231p  as  potential  bidders 
Tate  and  Lyle.  7 higher  at  625p, 
increased  its  bolding  to  8.2  per 
cent  Hills  down  Holdings,  with 
just  over  10  per  cent  of  the 
Berisgord  equity,  eased  3 to  250p. 
Elsewhere.  Dee  Corporation  rose 
12  to  295p  following  comment 
on  the  group's  major  US  acquisi- 
tion. 

Trusthouse  Forte,  recently  the 
subject  of  US  bid  rumours, 
encountered  profit-taking  in  the 
absence  of  any  developments  and 
settled  6 off  at  202p.  Ladbroke, 
however,  attracted  fresh  buying 
interest  and  firmed  7 more  to 
367p.  Garfunkels  Restaurant 
gained  4 to  I66p  in  response  to 
the  god  annual  results. 

Boots  down 

Among  the  miscellaneous  in- 
dustrials leaders.  Boots  met  sell- 
ing following  a broker's  down- 
graded. profits  forecast  and 
touched  267p  before  settling  8 
cheaper  on  balance  at  272p. 
Reckitt  and  Colman,  in  contrast, 
advanced  15  to  805p  ahead  of 
the  preliminary  figures  dne  early 
next  month,  while  Reed  Inter- 


national. still  benefiting  from  the 
sale  of  Harolyn  Publishing, 
moved  up  21  further  to  S74p. 
Glaxo  hardened  I to  £10’  fol- 
lowing a reassessment  of  the 
ADR  Budget  proposals.  Else- 
where, Pearson,  reflecting  a re- 
vival of  take-over  speculation, 
advanced  to  508d  before  settling 
16  higher  on  the  day  at  497p. 
Profit-taking  after  the  prelimin- 
ary results  prompted  a reaction 
of  7 to  2(J7p  in  Turner  and 
Newall.  but  Press  mention 
assisted  Sulcr,  13  higher  at  2S6p. 
and  Expamet.  8 dearer  at  lS2p. 
USM  quoted  Parkfiekl  Group  ad- 
vanced afresh  to  455p  before  re- 
acting to  close  only  7 firmer  on 
the  day  at  445p.  Satisfactory  pre- 
liminary results  left  Bestobell  9 
to  the  good  at  2S9p.  Aarons  on  en- 
countered late  speculative 
demand  and  rose  14  to  HOp. 
while  Burns  Anderson  came  to 
life  with  a gain  of  6 at  69p  along 
with  Robert  Moss  which  rose  9 
to  109p. 

The  liquidation  of  bull  posi- 
tions in  the  wake  of  the  good 
annual  results  left  recently-firm 
Pleasarama  26  off  at  375p.  Else- 
where in  the  Leisure  sector. 
Zetters  attracted  fresh  support 
end  firmed  4 to  155p,  while 
Brent  Walker  gained  the  same 
amount  to  128p. 

T.  Cowie  rose  8 more  to  174p— 
a rise  of  22  on  the  week — as  in- 
vestors were  encouraged  by  the 
confident  tenor  of  the  chairman’s 
annual  review  and  the  proposed 
flotation  of  50  per-cent  of  its 
contract  hire  and  leasing  busi- 
ness. Elsewhere  in  Motor  Dis- 
tributors, revived  demand  in  a 
narrow  market  lifted  C.  D. 
B ram  all  33  to  298p. 

Publishers  took  up  a firmer 
stance  under  the  lead  of  Trinity 
Internationa]  which  rose  35  to 
320p  in  response  to  the  annual 
results.  United  Newspapers 
hardened  a few  pence  to  325p 
ahead  of  next  Tuesday's  prelim- 
inary figures,  while  fresh  sup- 
port was  noted  for  EMAP  A.  5 
up  at  168p.  Advertising  agencies 
often  displayed  double-figure 
gains  following  a broker's  bul- 
lish report  on  the  sector.  Saatchi 
and  Saatchi  closed  25  higher  at 
975p,  while  Wight  Collins 
Rutherford  Scott  put  on  20  to 
393p.  and  Lowe  Howard  Spink, 
annual  results  exnected  next 
Wednesday,  rose  38  to  388p. 

Properties  came  to  life  as 
buyers  began  to  show  selective 
interest.  MEPC  rallied  10  to 
346p,  while  recently-neglected 
British  Land  gained  7 to  177p. 
Greycoat  firmed  4 to  252p.  as 
did  Samnel  Properties,  to  192p; 
the  latter’s  interim  results  are 
expected  around  the  middle  of 
next  month.  Buyers  favoured 
Rosehangh,  up  15  at  580p.  and 
Speyhawk,  10  higher  at  400p. 
Parkdale  found  support  and  put 
on  11  to  61p.  but  Phoenix  Pro- 
perty encountered  nrofir-toking 
and  shed  4 to  72p.  Control 
Securities  lost  a penny  to  16p 
following  the  poor  interim 
figures. 

. P & O Deferred  encountered 
occasional  offerings  ahead  of 
next  Tuesday's  preliminary 
figures  and  closed  15  cheaper 
at  541p.  Elsewhere  in  Shippings, 
revived  speculative  demand 
lifted  James  Fisher  9 for  a two- 
day  improvement  of  19  to  S7p. 

Textiles  paraded  several  good 
features.  Buying  in  response  to 
a de  Zoete  and  Bevan  recommen- 
dation lifted  Allied  45  to  565p, 
while  Tomklnsons  continued  to 
reflect  recent  favourable  com- 
ment with  a fresh  improvement 


of  S at  lS3p.  John  Foster  moved 
up  12  to  96p  with  the  help  of 
" call  ” option  activity  and  old 
bid  favourite  Lister  revived  with 
a rise  of  6 at  74p. 

Financials  were  relatively 
subdued.  Exco  International 
eased  a couple  of  pence  to  220p 
after  announcing  preliminary 
figures  in  line  with  general  ex- 
pectations. MAL  which  revealed 
interim  figures  earlier  in  the 
week,  put  on  15  to  425p.  Else- 
where. favourable  comment  con- 
tinued to  boost  Antofagasta,  fin- 
ally 60  better  for  a two-day 
advance  of  90  to  510p. 

Tricentrol  weak 

Rumour  and  counter-rumour 
regarding  the  current  OPEC 
meeting  in  Geneva  ensured  a 
lively  day  in  the  leading  oils- 
The  majors — BP  and  Shell — 
were  finally  unchanged  on  the 
day  at  573 p and  773p  respect- 
ively. hut  retained  good  gain* 
on  the  week  on  hopes  of  an 
eventual  Opec  agreement  on 
production  cuts.  Adverse  com- 
ment on  the  preliminary  results 
and  the  outlook  for  the  current 
year  unsettled  Brltoil  irtiich 
dipped  6 to  177p.  while  Tricen- 
trol dropped  9 to  a 1985-86  low 
of  91p  on  fears  of  a substantial 
reduction  in  the  final  dividend 
expected  on  Wednesday. 

The  heavy  speculative  buying 
that  had  boosted  RTZ  from 
around  515p  at  the  turn  of  the 
year  to  722p  on  Thursday  even- 
ing looked  to  have  run  i ts  course 
during  early  trading  when  RTZ 
retreated  to  around  the  707p 
level  nn  substantial  profit-taking 
However,  in  mid-afternoon  a sus- 
tained bnrst  of  local  and  over- 
seas buying,  again  prompted 
rumours  that  a substantial  share 
stake  is  being  accumulated  by 
Australian  Robert  Holmes 
Coart,  coupled  with  talk  that 
RTZ  is  3bout  to  swan  its  near 
53  per  cent  stake  in  CRA  for  20 
per  cent  of  BHP.  saw  RTZ  shares 
surge  ahead  to  760p  mid  at  one 
point  before  a dose  of  755p.  a 
net  gain  of  33n  and  a week’s 
rise  of  125p.  RTZ’s  full-year  re- 
sults are  expected  around  the 
second  week  of  April  Consoli- 
dated Gold  Fields  performed 
similarly  and  also  reflected  take- 
over speculation;  sold  down  to 
507p  initially  Goldsfields  subse- 
quently raced  ahead  to  end  the 
session  another  15  higher  at  537p 
— up  64  on  the  week. 

Diamond  producer  De  Beers 
rounded  off  s*  good  w**ek  with  a 5 
gain  at  a 19S5-S6  high  of  525p — 
a rise  of  50  over  the  five-day 
period — on  persistent  rumours 
of  an  imminent  hike  in  diamond 
prices. 

Another  move  to  record  levels 
by  overnight  Sydney  and  Mel- 
bourne markets  prompted  fur- 
ther good  gains  throughout  Aus- 
tralians. Poseidon  proved  an  ex- 
ception and  dropped  10  to  14lp 
following  the  sharply  lower  in- 
terim profits  and  the  proposed 
AS14.4pi  rights  issue  in  the  ratio 
n * on“-fnr-fou»-  at  A $2  a sh’*r*. 
Elsewhere.  Conroy  Petroleum 
and  Natural  Resources  featured 
with  a 13  jump  to  43p,  after  46d, 
on  news  of  the  “ exceptional 
encouraging”  lead/zim*  dis- 
covery on  the  Laois '’Kilkenny 
borders  of  the  Irish  Republic. 

Traded  Options 

Dealers  reported  another 
lively  business  in  Traded 
Options.  Total  contracts  struck 
amounted  to  26.514  comprising 
22.355  calls  and  4,159  puts. 
Activity  was  again  well-distri- 
buted throughout  the  list  with 
Distillers.  Lnnrho  and  RTZ  all 
attracting  in  excess  of  2,000 


FINANCIAL  TIMES  STOCK  INDICES 


Mar. 

21 

Mar. 

20 

Mar. 

19 

Mar. 

18 

Mar. 

17 

Mar. 

14 

year 

ago 

Government  Seen 

91.34 

91.09 

90.03 

88.92 

88.53 

88.67 

80.76 

Fixed  Interest. 

95.03 

94.30 

93.59 

93.06 

92.93 

92.90 

84.53 

Ordinary  w 

1412,2 

1415,1 

1389.6 

1374.6'  1357.7  1S60.7 

992.4 

Gold  Mines— — . 

312.0 

310.8 

318.1 

317.4 

318.3 

319.7 

805.4 

Ord.  Dhr.  Yield 

3.B4 

3.83 

3.91 

3.95 

3.99 

3.99 

4.57 

Earnings,  YId.  Kfull] 

9.13 

9.13 

9.31 

9.40 

9.50 

9.50 

11.33 

P/E  Ratio  (net)  (*)_- 

13,59 

13.60 

13.33 

13.20 

13.071 

13.07 

10.75 

Total  bargains  (Est. 

42,506 

41,181 

40,491 

41,093.  38,55s1 

34,110)  25,443 

Equity  turnover  £mj 

— 

985.27 

1093.06 

753.851 783.10  930.12'  414.04 

Equity  bargains - 

— 

41,104 

38,1641 

37,20l|  40,196;  40,3321  28,600 

Shares  traded  (mi)... 

— 

411.3 

472.1 

337.6 

503.3. 

382.1 

217.4 

ffi  10  am  1413  7.  11  am  1413.3.  Noon  1417.1.  1 pm  1417.6.  2 pm  1416.8. 
3 pm  1415.1.  4 pm  1413.5.  Day's  High  1417.6.  Day's  Low  1416.8.  Basis 
ICO  Government  Securities  15/10/26.  Fixed  interest  1928.  Ordinary  1/7/36. 
Gold  Mines  1Z/3/65.  SE  Activity  1974.  Latest  index  01-246  8026.  «Nil  = 13.07. 


HIGHS  AND  LOWS 


S.E.  ACTIVITY 


- 

1985/86 

jsinceCompllafn 

I INDICES 

: l2or* 

1 Mar. 

! 19 

Govt.  Secs. 

Fixed  Int— 

Ordinary ... 
Gold  Mfnesj 

High  | Low 

j High  Low  j 

Daily 

Gilt  Edged 
Bargains...- 
Equities 
Bargains.... 

Value- 

5 dayAverage 
Gilt  Edged 

Bargains 

Equities 
Bargains.— 1 
Value 

i i 

aaa.flj  232.9 

266.3t  247.3 
199 1.49-2,209.4 

1 

i 200.8  192.1 

2S5.3  267.9 
l,837.5jl,858.5 

91.24  ! 78.02 
(21/5/BB)  <28/ 1/Bo) 
95.03  82.17 

(21/5/86)  1 (28/1/86) 
1415.1  I Sll.O 
[20/6/86)  j (26/7/66) : 

536.9  317.6  i 

(16/4/85)  1(6/11/85)  ] 

127.4  1 49.18 
(3/1/56)  : (5/1/76) 

150.4  ' 50.53 
(28/11/47)!  (3/1/75) 

I 1415.1  ! 49.4 
kEO/S/Bfii  (26/8/401 
• 734.7  , 45.5 
(15/2/85)  [(28/10/71) 

RECENT  ISSUES 


EQUITIES 


IP 

is  0512=2. 


1986 


LEADERS  AND  LAGGARDS 

Percentage  changes  since  December  31  1985  based  on 
Thursday,  March  20  1986 


Textiles  + 

Motors  + 

Metals  end  Metal  Forming + 

Mining  Finance  + 

Tobaccos + 

other  Industrial  Materials  + 

Electricals  + 

Banks  + 

Building  Materials  + 

Leisure + 

Capital  Goode  + 

Merchant  Banks  + 

Contracting,  Construction  + 

Mechanical  Engineemg  + 

Chcmcals  i + 

Packagng  and  Paper  + 

Health  and  H’sehold  Products  + 

Gold  Mines  Index  + 

Publishing  and  Pmtlng  + 

Insurance  (Composts)  + 


42.41  Office  Equipment  

39.03  Industrial  Group  

38.74  Consumer  Group  - 

32-22  Shipping  end  Transport 

31.28  Electronics  - 

31.16  Stores  

30. T1  500  Share  Index  

30.45  All-Share  Index  

28.95  Brewers  and  Distillers 

28.03  Financial  Group 

27.64  Other  Groups - 

27  59  Investment  Trusts  

27.31  Telophone  Networks  

27.02  Food  Manufacturing 

26.97  Overseas  Traders  

26.42  Property  

26.10  Insurance  (Life)  

24  42  Food  Rotailtag  

23.67  Insurance  Brakors  

22.95  Oils  end  Gas  . . 


22.36 

22.29 

21.58 
20.88 
20.52 

20.52 
20-31 
20.02 

19.53 
19.28 
18.47 
1B.27 
15.45 
15.15 

11.58 
10.3B 

9.52 

9.21 

5.7S 

5.45 


Engineers’  body  elects  fellows 


FOUR  honorary  fellows  of  the 
Institution  of  Civil  Engineers 
were  announced  yesterday. 
They  are  Lord  Ezra,  chairman 
of  Associated  _ Heat  Services: 
Lord  McAlpine  of  Moffat,  a 


partner  of  Sir  Robert  McAlpine 
and  Sons:  Lord  Soaincs  and  Sir 
Francis  Tombs,  chairman  of  the 
Engineering  Council.  Rolls- 
Royce.  Turner  and  Newall  pfr, 
director  of  N.  M.  Rothschild  and 
Sons,  Celltech  and  Shell-UK. 


EfJgS 

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ISO 
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IF.P.  14  IS 
F.P.24/C 
F.P.  7/3 
F.Pj  4i4 
F.P.  - 
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F.P.I  18 
F.PJ27/5 
F.P.!24»3 
FJ>.!  — 

I 


1 194 
il40 
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177 
1900 
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1234 
102 
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.29 


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3 


!*BPP  Hldga.  lOp: — ;194 

•Chllllngton  Corp- 130 

Do.  Defd.  ; 68 
(Gold  Greenlees  T.  6p..l93 

iJarvis  Porter  lOp 1138 

.Macro  4 5p -138 

(■{•Menvier-Swain  5p...'  137 
i ■fiMicro  systems  10p_;135 

I PPL  lOp 170  -4 

iRodlme  6p. „^_773  i — 

[•PS pice  5p  1 96  | + 1 , 

iTompleton  Galbratth  Z53  I Q5 

.Throgmorton  USfcL....;i02  ! .. . 

Wellcome- :217  '.  + 7 

Westland  Warrants...;  29  ■ .... 


B6.0j  221  3.7 j 17.6 

R2.9I  3.2]  Z.1SZ1.1 

R3.3I  2.6.  3.4115.9 
Rl.O  6.51  1.0121.2 
R2.5  3.5 [ 2.6  15.5 
FU.78.4.5,  1.917.0 
U2.5  6.0  2.llll.2 
— ' — 1 — I 7.0 
U2.s!  2.2!  4.2  12.4 
5.97c;  8.6. 1.8121.6 

U2.08  2.8;  1.4jn.2 


FIXED  INTEREST  STOCKS 


I. 


Issue 

price  I o-a 
£ Ec 
I <a 


3 • ererl 

PS  i 


1986 


Stock 


Hlgh<  Low 


r2 

ill  +_or 

Oft  I 


TRADITIONAL  OPTIONS 


First  Last  Last  For 

Deal-  Deal-  Deciara-  Settie- 
Ingc  ings  tion  ment 

Mar  17  Apr  4 June26  July  7 
Apr  7 Apr  18  July  10  July  21 
Apr  21  May  2 July  24  Aug  4 
For  rate  indications  see  end  of 
Unit  Trust  Service 
Money  was  given  for  the  call 
of  Cookson,  Stylo,  Willis  Faber, 


Ultramar,  John  Brown,  Ferranti, 
Richardsons  Westgarth,  STC, 
Hawtin,  Rex  Williams  Leisure, 
John  Foster,  Wellcome,  Stain- 
less Metalcraft,  SI,  Carless 
Capel,  Electronic  Rentals,  Exco 
International  and  Arlen.  Puts 
were  done  in  Lloyds  Bank  and 
Unigate:  No  doubles  were 
reported. 


S E DEALINGS 


NEW  HIGHS  AND  LOWS  FOR  1985/86 


NEW  HIGHS  (387) 

BRITISH  FUNDS  (79).  I NT.  BANK  AND 
O’SEAS.  GOVT.  STLG.  ISSUES  (3). 
CORPORATION  LOANS  (7).  COMMON- 
WEALTH AND  AFRICAN  LOANS  (2). 
LOANS  (7).  FOREIGN  BONDS  (3). 
AMERICANS  (6).  BANKS  (14). 
BREWERS  (I').  BUILDINGS  (23), 
CHEMICALS  (10),  STORES  (15) 
ELECTRICALS  (8).  ENGINEERING  (22)'. 
FOODS  (16).  HOTELS  16).  INDUS- 
TRIALS (44),  INSURANCE  (5). 
LEISURE  (3).  MOTORS  (6),  NEWS- 
PAPERS (2).  PAPER  (13).  PROPERTY 


(18).  SHOES  (2).  TEXTILES  (12), 
TOBACCOS  (1),  TRUSTS  (43).  OILS 
(1).  OVERSEAS  TRADERS  (1).  MINES 
W. 

NEW  LOWS  (16) 

BANKS  (1)  MCorp.  INDUSTRIALS  (1) 
IntHeuropo  Tech  . INSURANCE  (1) 
Dewey  Warren.  SWPPPING  fl)  Greig 
Shipping.  OILS  (10)  AUemic  Res.,  Cbi- 
less  Cap  el,  Clyde  Pot..  Cons  Inti.  Pet.. 
Intsrcon  t‘l.  Enorgy.  Jackson  Expln.. 
Night  Hawk  Res..  North  Sao  and  Gen. 
Inv  . Piet  Pet . Tricentrol.  MINES  (1) 
Malaysia  Mining. 


88.255  £30 
198 .387  £85 
**  1 F.P. 
1100  F.P. 
H ! F.P. 
— I F.P, 
199.11'  F.P. 
94.917  £30 
II  , Nil 
— ! F.P. 

' F.P. 
.11  i F.P. 
197.955  £25 
£99.480  £25 


125/4. 

il9;6 


! “ ' 

I27f4i 
1.10/4  | 
i 0(5  j 
•25i4  j 

1 4/4  | 
,16.4. 
I25.-4 ) 
l — j 


36  [ 
361* 

1 12p; 
108  kg 
133p' 

110p| 
108  ' 
36>«| 
124p; 
1010B 
ISOp, 
lOSp 
38*4 
28  ) 


30 1? .American  Medical  !ntS.9&Uns.Ln.S)li;  35  l— ig 
25  la  Centrovinelal  Ests.1  l&lst  Mort  Db.20lfi  36isi  + *a 

llOp'Chillington  9>s%Cunt.  Red.  Pref. 112p  1*1 

lOaVCALA  10.8%  Red.  8011 1085a!  

12Sp>Devenisn  'J-A./4.5 % Cnv  2nd.  Pref 1 133p'+5 

106Di>z'Electron-H,ie64%Cnv.  Cum  Red  Prfl  107p; 

994'Hampton Trt.  II & 1st.  Mort. Deb. ZOSS-lOTij—ig 
lBig  Inter-Am  Dev  Bk  Uns  Ln  2015 1 36  U 


103p  Porter  Chad.  8%  Cnv.Cuni.Rcd.PrT.  ‘93,  104p:  

25 1;  Samuel  Props.  1 1%  1st.  Mort.Deb.2D 16  38  *, : + 1 >, 
24*«, S.E.  lOiai  Mort.  Deb.  2016 1 27tb  -la 


RIGHTS  OFFERS 


Issue 

price 

Amount 
polii  up 

Latest  I 
Rcnuno.  . 

1 

140 

Nil 

- | 

200 

Nil 

61- 

F.P. 

n/4  j 

150 

Nli 

330 

F.P. 

9/4  | 

255 

Nil 

30.4 

70 

F.P. 

7/4  ; 

220 

Nil 

34/4  | 

IOO 

Nil 

11 

Nil 

— • | 

115 

F.P. 

25/4  ! 

425 

Nil 

— i 

1986 


StOcK 


High  I Low 


II  :t_01 

BO  ! 


28  5pm  I 

’fri 

68  pm! 
410 
60pm 
81  . 
122pm[ 
70pm 
9iapm, 
161  ! 
145pm: 


255pm  £Alida  Hlgs. 

66pm  Cullens  Hldga.  lOp. 

7<r  Dares  Ests.  6p  ...  ’ 

59pm  Heywood  Williams 

380  4>H<gh  Point  Services  lOp. 

35pm  KLPSp 

75  Kent  i4.i  6p_ 

58pm  * N.M.W.  Computers 

48pmThomsort  T-Line 

5 i-pmT ranwood  5p.  ... 

130  Wales  tCity  of  London  ■_ — 
137pm  Wolseley-Hughes  ... 


aesprrv  1 25 
75pm  

9*2  '+'t 
,1  66pm,  -. 

: 395  —5 
• SOom-*-b 
75  1 . _ 

i 122pm  fl 
I 70pm  * 12 
/ 9'jpm  +l 
! 151  ;»2 

1 145pm-  —— 


Ranuncfstion  date  usually  hat  day  foe  dealing  free  of  stamp  duty-  b Figures 
based  oa  prospectus  estimeias.  g Assumed  dividend  and  yield.  FFnwasf 
dividend  cover  on  earnings  op  dated  by  latest  Interim  statement.  H Dividend 
and  Yield  based  en  prospectus  or  other  official  call  mates  for  1986.  R Forecast 
annualised  dividend,  cover  and  p/e  redo  based  on  pros pe etas  or  other  official 
estimates,  t Indicated  dividends;  cover  relates  to  previous  dividend;  p/a  ratio 
baaed  on  latest  annual  earnings,  u Forecast,  or  estimated  annualised  dividend 
rats  cover  based  on  previous  year's  earnings.  1 1ssued  by  Under.  | OSerad 
boldore  of  ordinary  sherM  as. « " rights."  g|  Intnidutalon.  •*  Inuad  by  war 
capHalisation.  5 Plating  price.  §§  R* introduce d.  11  Issued  In  eoxmaction  with 
reorgaaisaiioo.  merger  or  takeover.  ■ Allotment  price.  * Unlisted  aacorirles 
market,  it  Dealt  In  under  Rule  535  (3).  W Dealt  In  under  Rule  S35  (4)  (a). 


RISES  AND  FALLS  YESTERDAY 


Rises 

Falls  Same 

Rises 

Fails  Same 

British  Funds 

89 

5 

19 

416 

65 

33 

Corpus.  Dam. 

and  Foreign  Bonds  . 

31 

8 

35 

145 

31 

134 

Industrials 

...  449 

290 

757 

2.098 

1.345 

4.038 

Financial  and 

Props 

137 

111 

322 

935 

443 

1.475 

Oils  

15 

32 

74 

36 

142 

370 

Plantations 

3 

1 

11 

16 

15 

43 

Mines  

43 

23 

no 

195 

194 

516 

Others  

72 

65 

53 

322 

372 

249 

Totals  



...  844 

535 

1,381 

4.224 

2.607 

6,368 

THURSDAY'S  ACTIVE  STOCKS 

Based  an  bargains  tacDrdad  in  SE  Official  List 


No.  at 

Thur 

Day's 

No.  ol 

Thur. 

Slock  chonqos 

close 

Chanqe 

Stock 

chanqas 

clor.o 

Midland  Bank 

41 

559 

+ 54 

Legal  General  . 

24 

778 

- S' 

Lloyds  Bank  . . 

31 

677 

+ 44 

Prudential 

..  24 

888 

+ 11 

NatWesi  Bank 

30 

935 

+ 47 

Royal  Bk  Scot  24 

365 

+25 

GU5  A 

27 

972 

+ 52 

Bmo'l  

23 

IBS 

Turner  Newall 

27 

2)4 

+ 27 

Grand  Mot  ..  . 

33 

416 

Barclays  

25 

589 

+ 34 

Wellromo  ..  .. 

22 

210 

-12 

YESTERDAY'S  ACTIVE  STOCKS 

Based  on  bargains  ovar  the  livo-dsy  period  ending  Thursday 


Last  Change 
No  el  Th ur.  on 


List 
No.  ol  Thur. 


Change 

on 


Stock 

Ch/IHQCS 

clone 

week 

Stock 

ch.nqc  0 

closa 

Wellcome 

191 

210 

+ 5 

RTZ  

1 28 

722 

+ 95 

NstWcs!  Bank 

147 

659 

+ 86 

Lloyds  Bank 

123 

677 

+ 14 

Midland  Bank 

147 

553 

+ B6 

Bnecham  

12* 

378 

+ 22 

BAT  Inds  

143 

411 

+ 33 

Gtaxo  

118 

CIO'. 

+ \ 

Shell  Trans  ... 

133 

773 

+ 16 

Bass  

117 

802 

Barclays  

12B 

589 

+ 91 

Marks  Spancur 

117 

216 

13 

5-DAY  ACTIVE  STOCKS 

Above  average  activity  was  noted  In  the  following  stocks  yesterday 
Closing  Day';: 


Slock 

Argyll  Group 

Soots  

Delli*  Group 
Distillers 

GKN  . 

Guinnnsv 


pries 

charge 

Slock 

price  ” 

chnrqe 

330 

- 7 

Lowe  Hownrd-S 

...  388 

+ 38 

272 

- 8 

Marks  and  Spencer  , 

...  216 

239 

-11 

497 

'+16 

-16 

■+50 

1+  lr 

. B77 

•••••  jam* 

'+37 

Pln.isiiiitirM  

..  375 

STERLING  ISSUES  BY 

FOREIGN  GOVERNMENTS  AND 

INTERNATIONAL  INSTITUTIONS 

Asian  Dvlpmnt  Bank  lOUpcLn  2009  'Real 

£1  Q3!j  (19  3) 

Australia  iComwith  eri 
■Rest  £98  w ii.  ill ipcLn  2015  (Rest 
£113  i19I3> 

European  In*  Book  10*iPCLa  2004  iBeo) 
£1 07 81*.  1 QJiOCLn  2004  ' Bearer 

£50001  £05>.O.  ITaeLo  2002  (Rea) 
£1 12 '2  3 

(Rep  ah  11  (ipcLn  2009  (Res) 

,lSS!‘r*4JSica,r  Dewetaomert  Bank  91<ocLn 
2015  £98(;  9 (a  «19.'3>.  New  9t>ncLn 
2015  tPOy  Pd-8/S;86l  £35>x  «-■(*  6 

. ‘i«  *»  *i«  U ’(»  is  "j*  »i«  >■  • 

f3"15  #Br  R**  A Oe*  9f,pcLn 

2010  (Rea>  £ipoi-  »*  1 I,  -3.  U ts. 

lUpcLn  2003  £1171*  J* 

Stk  2008  (Bearer 

sawsT1 1 1 stk  2014 

S£i,insul{l?B  ati  1 1 ,<pcLn  20,0  ‘Real 
.CO  9>*pcLn  *2014  i£30Pd- 

1 3^5-!  n 2?n?«  £ 7 07H  ‘ 1 BI3/. 

TrlnioSri  *204,L  (ReS’  £12?4*  1 14-31 

0,5  7 2 -*PCLn 

ftau  16,lPCLn  2008 

CORPORATION  & COUNTY 

LS9p  Conntv  2ia>c  Stic  1920  (o*  after) 
Council  6>«pc  5 Ik  1990- 
Coro  12Lec  Stk  1987  £100  'j 

C?f5  2 ’.-PC  Stk  1926  for 
?n^L.f20io,*,.9;55-  (1902)  1 952 

lor  after*  £2dU  <14/3) 

B2Q12Br*™4l.D,Stnet  Counc<l  ll'me  Stlf 
^fjft  rchy  in  13'iPC  Stk  2006  £1 27 
Leeds  Coro  3PCO b I92T  (or  after)  £254 

(TyiJj  - 

Liverpool  core  2 tme  stk  1925  (or  after) 
.f=4-  Spe  Stk  1942  (or  after)  £25’. 
Manchester  Coro  4pc  Stk  £32'*  07/3) 
Reading  Coro  I’-pc  Stk  £30 
SaHord  Coro  5>-pc  Stic  1985-88  £89'.- 
Soutlwark  Corn  6.'*pc  Stk  1983-86  £96»iB 
121; nc  Stk  T987  £101H 

^Coro  4iipc  Funded  Debt  Arms 

UK  PUBLIC  BOARDS 

Agricultural Mortgage  Coro  S’joeDb 

1993-95  £71  lj  (19/3).  6pcDb  1982-57 
. £92 V (19  31.  6<*0cDb  1992-94  £77 

(17  3).  S^spcDb  1985-90  £57’.  7t.DC 
Db  1991-93  £90':.  9‘rPCDli  1943-56 
£98^  V.  1 D’.pcDb  1992-95  £99* 
Clvde  Port  Authority  3pc  I ml  Stk  £22 '« 
• IBill.  4pc  Irrd  Stk  £301* 
Commonwealth  Drlpment  Finance  7’«pcDb 
1984-98  £91  la 

Forth  Porta  Authority  3 '*pc  Funded  Debt 
£28>* 

Port  of  London  Authority  3pc  Port  or 
London  A Stk  1929-99  £39  >1913). 

6 ’roc  Reg  Stk  1997-90  £82  (19/3) 
Scottish  Aanc  Sec  Coro  5>}ocDb  1996-E8 
£87 1,  (19/2).  tOUocDb  1989-91  £97  '1 
<14/31 

COMMONWEALTH  GOVT. 

Southern  Rhodesia  Spc  Stk  197S-B0 
(Unassented)  £l90m 

FOREIGN  STOCKS 

(coupons  payable  in  London) 

China  CRco  of)  4 i:pc  Gold  Bda  1898 
(Germ  Iss)  Dm  Bds  £1S.  5oc  Gold  Bds 
1925  Dm  Bds  (SIOOi  £9t<  (14/3).  Soc 
Rrorg  Geld  Ln  1913  (German  Iss:  £12 
Greece  (Kind  of)  Soc  1881  Stlg  Fdg  Bds 
ol  1S6S  £48  (14(3).  Spc  1884  Stlg 
Fdg  Bds  of  1965  £4&  rl4'3).  SpcLn 
1914  lAsd  «lth  Accea  Cort)  £48  (14.31 
Rio  De  Janeiro  (State  o <>  Brazil  5 '.-pc  Cn* 
(Stlg  Ln  8dM  tA  New  1**PO  £70  <14I3( 
Spain  (Govt  on  4 pc  (Sealed  Bds)  £37 
(1713) 

STERLING  ISSUES  BY 
OVERSEAS  BORROWERS 

American  Medical  International  9«BCLn 

2011  (£30  Pd-2S!4‘86)  £35  «■ 

Bank  of  Greece  lO'rtJcLn  2010  (Bearer) 

loco  IS  kPeLn  2005  S Rep  Opt  £132  50 


BANKS.  DI5COUNT 


JylLj 


Bank  of  Ireland  (Gov  on  7ocLn  1986-91 

Barclays  Bank  7’;PcLn  1986-91  £9*. 

S'*pcL(l  1986-93  £92  3 
2010  £1191:  £ 20  •*.  IbpcLn  2002-07 

Barings1 5 J.'ocl StPf  (£1»  WM.  TUkIWPI 
l£l)  97*iO.  8pctitF(  '£!<  IO61.-O.  Bpc 
2ndP(  t£1)  1101- 

1995- 

Ssssfett  ssw0!™1 

HantbrOS  .£2,  £28  7ocLn  I MS  £98  (18/3. 
Hill  Samuel  Gp  SpcLd  1989-94  £83  U 

Lombard  North  Central  Spc2ndPf  l£t) 
42  (I9f3»  „n 

(19131.  iO»*ocLn  1993-98  £107';  *«- 

National  W^Sns^r^Bank  JpcPt  t £ 1 ) 60 
4.  9DCLn  1995  £951;  6 U U.  12'aPCLn 
2004  £1Z2><  3 

Rea  Brothers  71  (19131  ..  .. 

Royal  Bank  ol  Scotland  ItPCPf.  <£D  98 

Schroders  8«.P(Xn  1M7-200I  OIMIWJI 
Smith.  St.  Anbvn  iHklwl  9'SS£?%LP,.£%V 
114)  21**;  (1413).  7pctn  1986-91  £8S«j 

Standard  Chartered  IZdPCLn  2002-07 

Wlntrutt  lOijPCPf  (£1)  119  (18/3)  • 

BREWERIES 

Allled-Lvans  S’zoePf  (£1)  52.  71jpePf  l£1> 
71.  3PCD6  1985-90  £76  tlBgl.  6l*pcD6 

1984- 89  £87.  6l<pcDb  1988-93  £78 

114/31.  7ocDb  1982-87  £92»i  (19/3). 
7>*PCDb  1988-93  £84  (19,3).  SHpcLn 
£47  'a-  5'rpcLn  £48  (18/3).  6UPCLn  £52 
119:3).  7»<pcLn  1993-38  £81 '21* 

Boss  4pcPI  (£1>  35  (17/3).  7pc PI  i£1)  83- 
3«apcDb  1987-92  8«aioCDb  1987-92 

£91.  4'jPd.n  1992-97  £S9.  7><PCLn 

1992-97  £81':  2 (19:31 
Bass  Invest  7*Ln  1992-97  £79JI  (J9>3»  , 
Bell  'Arthur)  7UpcDb  1986-91  £8S« 

BinoingtOnj  Breweries  9’iPcLn  2000-05 
£85.  9'U>CCnvLn  2000-05  £130  2 3 
Buimer  (H.  P.»  Hldgs  9(uxPt  l£ll  118. 

8-Loc2ndPI  (£11  117  

Davenports  Brewery  4ncDb  £34  (17/3) 
DeveniSh  (J.  A.)  S'.-ocPI  i£1)  47);  (143i. 
4 JneCnwZndPf  (£1)  126>; 

Dl sutlers  5>;PCLn  £47.  7>*PcLn  1988-93 
£64  U lO.Spctn  1993-96  £103 U 4 
Fuller.  Smith  & Tamer  4.2pc1su»f  (£1) 
52  3 114.3).  8pcZndPI  (£1)  100  M9<3) 
Grecnall  Whitley  A (Spt  43®  SOi®  j-i®. 
BpcPf  (£1)  95.  7UPCDb  1987-92  £86 
(17/3).  8>kOClrTdLn  £67U  i;  09/3) 

Hand  vs  & Hansons  470 
Heart  croc  Brewery  I’rocPf  (£1)  142  (19/3) 
Higsorn  Brewery  6>;PCLn  2000-Q5  £60 
(18/31 

Imperial  Brewing  & Leisure  3)*pcDb  1982- 
37  £88  '17/3/.  4 bp cDb  1982-87  £90. 
6i*pc2iKtDb  1984-89  £90’)  ««  (19/3). 

7pc2ndDb  1987-92  £86  7’>.  7i*i>c2ndDb 

1985- 90  90  (1BI3>.  8PC2ndDb  1989-94 
£87.  B^pcLn  2004-09  £66.  7.1pcLo 
1994-99  £70  4 (19/3).  10'rBCLh  1990- 
95  £1051* 

Intrxtr  Dlstillnrs  £ Vinters  4>^cDb  2002- 
07  £50  ri9r3) 

Macallan -Glen  ■ Wet  6i«DCCnvLn  2005  £107 
10:  w: 

Macdonald  MarUn  DIsUMerics  A (50P>  820 
Mansfield  Brewery  (£1)  433  7 42. 

1H:CCDb  2010  L112'«  (17/31 
Morland  SpcPf  i£1>  40  (19/3) 

Russel's  Gravesend  Brewery  6pcPf  r£i)  54 
(18/31 

Scottish  Newcastle  S'ipcPf  (£1)  S0(;  (18/3). 
7!4PCPf  (£11  731;.  BocIstDb  1984-89 
£91.  S'.priltOb  1985-90  £89  (19/3) 

S/iipstone  (J.l  4oc1StDb  £32’:  (16  3/ 
South  African  Breweries  7pcPt  (Rt)  5 
(14.3) 

Thwaitcs  (O.)  SDClStPf  (£10)  425  (14/3) 
Truman  10'apcDb  1991-96  £100 
Vaux  Grp  4i.-pcMA  «£l>  42  (14  Z) 

Wat  nr,  Mann  Truman  Hldni  4>.ccDb  £36 
(17  31.  4LPCD5  1 988-93  £09  (19,3). 

GocOb  1989-94  £7S(;  (19.’3).  7ncOb 

1988- 93  £84  M4.<3).  7',PCOb  1967-92 
£88  9.  10'cPcDb  1990-95  £100  i19(3i. 
BpcLn  1990-95  £86’; 

Whitbread  265  (17'3i.  4i-pc1s(Pf.  >£1) 
42.  4i:oc2ndPf.  (£1 1 42.  6Pc3rdP(.  f£1) 
52.  7oc5rdPf  ■£!)  6«>:ft  8i«;.  ai-pcDb 
1990-2004  £53  i*  (1913).  6i,pcDb.  1987- 
1992  £84 :-  B'aPCBO.  1984-87  £93 

■ 14)3’.  7pcDb.  1988-93  £861..  ?>.pcDb. 

1989- 94  £B6>:  .17/3).  7'*ocLn.  1986-91 
£87  (19’3>  7 lapcLn.  1995-99  £76  7'* 

a If.  7'«BCL»t.  1996-2000  £83',.  9PC 
Ln.  1997-2001  £agr;.  10<:ocLn.  2000-05 
£100<*  «19'3> 

Whitbread  Invst.  245  8 SO 
Young  9nClStPt.  110 

COMMERCIAL.  INDUSTRIAL 
A— B 

AAH  Hldgs.  4.2pcP>.  i£1>  52’j 
A.C.  Cars  i5pi  152  3 S 7 8 
AE  BpcLn.  1989-94  £79  H7i31 
AMEC  tiPCtn.  1992  £119  20 

A. PV.  Hides.  ia>,ocLn.  1997-2002  £200 
(17'3) 

Adw«s t Gra.  6ncLn.  1983-68  £89  (14(3) 
Albion  1 20 Pl  34 

Albnght  and  Wilson  SpcDb.  1987-92  £91 

Alexanders  Hldgs.  A MODI  130 
Allen  (Edgar)  ft* Hour  7’<pcDo.  1987-92 
£84), 

Allied  Textile  Cos.  lOgcLn.  1993  £205 
(18/3) 

Amber  Day  Hldgs.  10<;pCPf.  1999-2002 
t£1>  117  (19:3( 

Anglo  Nordic  Hldgs.  H.SpcPr.  «£Ii  ids ’a 
<17131.  lOpcLn.  1969-92  £92 
Aauoscotum  Grp.  7<:PCP1.  ILK  83  (17/3} 
Argyll  Grp.  215  ■ 

Argyll  stores  BpCLn.  1982-87  £92’^.  6’uK 
Ln  1992-2007  £63 119/3) 

Armlugc  (George/  Sons  l0H:0c2ndPf.  (£1) 
9Bi  u:  114/3) 

ASOA-MFI  Gra.  9<,pCPf.  (£1)  120  rl4/3> 
Aucd.  Brit- ih  Foods  6i;P«Db  tgflj-0* 
£10011.;:  <it  (12/3).  7'xncDb.  1988-03 
£83 1*  1 14131.  5i-oCLn.  1987-2002  ISOM 
30  J«.  7';pcLn.  1987-2002  lSOa<  38  ■- 
Assctd.  Electrical  indx.  GSiOCDb.  1986-91 
£86U  <19:31 

Audio  Fidelity  ilOpi  50  <1913/ 

Automated  Security  (HkJg».<  SpcPf,  ill) 
119  20.  SpcLn.  1990-95  £292 
Automotive  Prods.  4^5pe2ndPf.  (£f,  54 

■ 18/31 

Arana  Gro.  7ncPf.  (£11  S3  rl4;2l 
Aron  Rubber  4 9ncPI.  |£T>  60  1 (14'3l. 
G'.pcIsCDb.  1963-88  £91  <19:31.  7ijpC 
IStDb.  1985-9(1  £89  >18/31 
Ayrshire  MrtJl  Prods,  ai 

8ICC  6nelstPf.  (£1)  52  (18/31.  S’/tKZnd 
P(.  (£11  47  VIS'D-  6>;OCDb.  1961-86 
£97 7pcOb.  1985-90  £87  >;  BV  7 
Db.  1990*95  £86U  ( (9/31 
BLMC  SpcLn.  1998-2003  £67/.-.  7i;o4Ln. 
1987-92  £85.  BPCUl.  1996-2003  £77 

■ 7>*PcLn.  1982-87  £90 

BOC  Grp.  5><PcDb.  1981-86  £96>,  M9/3). 
(■'•neon.  1385-90  £66  (T4/3>.  9pcDb. 
1990  £96'*  / 19/31.  ID tPtDb.  1992 
£106.  12‘*DCLn.  2012-17  £120i* 

BPB  Inda.  lOWpcOb.  1934-99  £102l,» 

B. S.G  Intnl.  B'apcIStDb.  1993-06  £831} 

■ 17/3i.  (2<:pcLn.  1993-98  £106'j* 

BSR  intnl.  5 'ipcLn.  1985-90  £770 
Babcock  intnl.  4ocPf.  (£1)  35  117/3) 


IS?  && ■ 
ESS'ln*.  ‘a  »•»  . 

,S90-95 

Barrow  Hepown  Crp-  7 75pcki.  mir  go 

SSS?  SfiTflj  vHido*.)  *,:pcLb-  2000 
BjI*  n am^GrouP^B  *3  peL"  1984-94,^X89 

BSS TtlStt  SS51? ^lOMOb  1934-99  £98 

7^1  .1W7-92  «3. 

BOelna  CO  <*5i  1>53  * 3)s 

E&i-wssr  ^ 

Bra^me*  «T.  F.  and  J-  «./  (Hldgs)  A 62 
Brlmiil  (C  DJ  13PCLH  1993-2003  £113 
Bromner  lOocLn  1995  £100  (17/3) 

-VSSSDh6^!  ^3^  ’ 7^V- 

£98  (17.31 

St*AIcal  '^lilumfriiom  lO-cPcOb 
Brlt/shlAm^can  Tob,«o  Cs04..**Pf  ‘™ 

tsns*  i^ssss 

B7\?»].V»aiS  VsocLn  1 995  M 40 

Brit  I m Dredging  BPCLn  lusa-vo  wv 
British'  Ever  Readv  6ocLn  1992-97  £70 

Sat’S, ".S7 ^STsSSSkw  tv'* 

an  S9 

■r'lKn*  Shoe  C?S,  5”gn?S£|g’ 1 i” ) 
British  SKJ/n  Sger/a):rle' _Gjoup  lO  '.PCDb 

B rilish’  ^Teiecomm  u'nlcahons  257  (14,3) 

Brown  and  Jackson  '20pi  M . 5 

Brown  Bow.  Kent  * zpePI  ttl ) 39. 

SocLn  7 98B-9 3 , *.«  are  con 

ttrewn  Bros  Cwp  1987-92  -90 

Brown  IJO^nl  A 23  *-5  A 

2013  £46  (14/3).  5?rocLn  2003  £56 
Bulflln  (A.  F.)  and  Co  rspi  1 B 
Bund  7pcLn  1995-97  £1235  . 

Burncii  Products  <Hldgsl  6pcP*  '-H  49 

BurryJunhS  Coro  CS5l  SB7';  C14:31 
Burton  Grouo  Warrants  301  1 5.  Warrenro 
1^91  96  7ocLn  1986  £WJ*  'I*?/ 
pnrt.il  1998-2003  £74  l'S'3]a0?^7 
199B-2003  EB7I-®.  8pcLn  1996-*001 

ButlUi's  36*sPClrtDD  71 982-67  £94/; 

C— D 

C.  H.  Industrials  7pcPf  .£1 1 1 1 S O 9:3) 
Cadoury  Scbweooes  *tecTstf»/|£l)46 
>■19/4).  bUlstDo,  1994-2004  £o5 

< 1*  31.  9 pci  stOD  19B6-93  £953* 

CjBvns  6’;pc1  stPf  (£1  > 55 
CaLcbread  Rotey  »nd  Co  ,i10p<  >50 

■ 18.31.  BI-pcLn  1994-9o  £.77  _ 

Ca  lor  Group  7pcDb  1 335-90  £84  71s 

Canlors  i20p)  220  f19'13i 
Caps  industries  lOpcDh  (966-97  WJ 
LarOO  Engineering  5.95pcP(  (LI)  72, 
l*t  i17, 3>.  1&‘;dcPI  '£1l  102  i14/3i. 
iOOcPr  (£1)  355  (18;3'  , _ 

Cjrrlngton  Vlyella  4.5SpePf  (£1)  57  9. 
5.6ncPt  i£H  65  (19  3).  4.2oeDb 

19»4-tt9  £82.  7ocDb  -1984-89  S89-/. 

7 .“SpcLn  1967-92  £B0  U (14:3).  8.1  PC 

Ln  1937-2002  £741: 

Casket  *i.|  (Hldgs)  10.2SpcPf  (£1)  108-U» 

Celtic  Haven  /So)  71  2‘; 

Central  Sneervrood  IOpcPI  (£1)  356 
Cwtreway  ImU  tUxPI  (£1)  66  SU.  9- 
Ccntreway  Tsl  UpcPf  (£1)  62  rt 9 iJ 
Chamberlain  Phipps  SpcLn  1983-88  £94  U© 

Channel  Tunnel  I<iv  (5p)  90  5 

Charring  tons  IndsU  Hldas  BocLn  1966-91 
£75  H4/3).  IQ'-iDCLn  1963-98  £96 
Charter  Consd  (2p>  (Br)  270 
them  ring  Gro  Ptd  tSP)  117  (19/3) 

Clarke  (T.1  (10b)  45 

iss  sssiiss  «,,u4ia 

S'.ocLn  2002-07  £69»*.  7’:PcLn  1990-95 
£62', 

Coats  Vlyella  4.9ncPf  SU  62|j« 

Cohen  (A.)  Nan-vtg  A (20p)  fl7.3l 
Combined  Engl  Sh  Stores  Grp J)l*pcl»f  (£11 
62.  9 iScLn  1986-91  £S6  rl9'3) 

Cookson  Gro  ToiPtd  (50p)  307,,  1,  (19/3). 

Cope^Allman  *lntnl  7'aPCLn  1971-90  £91  *a 
Country  Gei«Jeroen'S  Assoc  775 
CnurtualdS  7kPCDb  1989-94  iaSitt.S1: PC 
Ln  1994-96  £70.  6',ocLn  1994-96  £73*, 

4 5 'a  6.  7’rtKLn  1994-96  £S1i:  •'«  7J* 
KLn  2000-05  £78  *a  BOU 
Court  j olds  Cldthin-i  T'-nePf  (£1)  61  (19/3) 
Courts  (Furnishers)  225 
Cowan  ds  Groot  10'sOCPf  (£1)  104 
Cowie  (T-)  lO'aPCP*  '.£1>  355;  6>*.  70 
Croda  World  Traders  7dcP1  (£1)  63  (16. 3) 
Cronite  Grp  I »?CDi.  1“17  f?1Q  (17.'3) 

43  (1771 
£127.  9*4 


L-, 


Crown  House  7fcocPf  (£1)  60 
Crowther  (John)  Grn5ocpf(£l) 

Cry  st?  I at-  Hidns  a1^."  2003 
ocLn  1999-2000  £293  5 <17  3) 

)AKS  Simpson  Grp  750  <14>3) 

)RG  7 J,pcLn  1966-91  £891) 

>aig«y  4.8SpcPi  (*i)  63  ..r 
lavenport  Knitwear  (10P>  195  (17-.3) 


Davies  Metcalfe  OOP)  73  _S  8 
De  La  Rue  2.45pePl  (£1) 


D’berh’ms  B'.srJridDb 


28  09  3)  _ 
1990-95  £77. 


Ln  1986-91  £B2U  09/31.  7l.pcLn  2002- 
2907  £721*  3':  09  3).  7»*peLn  2002-07 
£73  (19/3) 

Delta  Grp  6 pc  1st  PI  (£D  52  (14*3).  7**pe 
Db  1985-°0  £90-'(  1>,  >«  <19fS>.  HMiPC 
Ob  1995-99  £100  (18:31 
Denny  (Henry)  Sons  6pcP/.  (£1)  28 
Droo utter  Bros.  (Hldgs.)  5.2SpcP*.  (£1  > 

65  'lam 

Dewhlrat  f|.  J.l  (HldBP-l  0.75PcFf.  (£1) 
90t  (17/Si 
. Dewhurtt  flOp)  4.1 

Dickie  'James/  (Drop  Fprglngsl  53  7 8 
Dominion  Intnl.  Grp.  20.  1 1 V*pcPt.  (£1) 
207 

Dunblll  Hldgs.  4-2pePf.  «1)  48  flB/3) 
Dunlon  Textiles  6>:ncPf.  (£1)  55':  M9/3) 
Duport  3i;pc2ni(P(.  (£1)  44^  (1B/3) 

Dora  Mill  i2>:pi  23  32  5 40 

E— F 

SIS  Grp-  5PCPf.  (£11  41  f17»3) 

Ea^t  Lancashire  Paper  Grp.  7';ocLn.  1987- 
E.R.F.  (Hldgs.)  IOpcPI.  i£1)  89*  'rtB 
1992,  £82’:  4«;  (14/3) 

M9/3I  *BB*r  8pcP1,  19BZ’B4  IE'1  170 
Elys  fWImbledonl  660  (17/3).  9>4pcLn. 
1995-99  £89  (T8.'3> 

e3JSr* AJSSW  /Bradford)  B’rocDb.  1 995-90 
BpeDb.  1994-99  £94 ij  - 
EK£Jh.,S,ina  6J*PcDb.  1985-90 

£88  <19/3).  7'jccDb.  1987-92  £861(. 
_7prLn-  1998-2003  £73»»*  t;J  (14/3) 
English  Electric  7pcDb.  1986-91  £8712  ' 
_HW9S  3. 8 SpcPf.  f£D  46  M8/3) 
ISIukPJ0-.  8',SLn-  2003-06  £118  (18/3) 
9* ,o-  ,,spc 

Fa/rbriar  HOp)  141  2 3 4 5 ' 

Far n ham  12.5pcPf.  (£1)  130  (ig/31 

,6oSff  ,fi1>  5Zi  43U!  (1*131 
cCs  p-iutl  S,6pc1stPf.  (£1)  G7 1 y *17 1 tv  s fiS 
oc3rdPf.  (£ii  45  (14/3)  ’ <17,3>  3-63 

6%C  DeTOts’  8l«P<'-n.  1986-91  £64 <i 
F‘.,lS4?Slnn#rB  and  Doul>,ef»  4PdstDb.  £34 
Flsltcr  (Albert)  Grp.  7pcPf  (lit  rye 
FJjM  6»:pr.Db.  1 9P4-89  £9 j jj.  KlcLn 
2004-09  £581;  (17/3)  LH. 

WiWiiW 

tT"-  Cal»,ta,  6«^-  198-57  £220 
Fortnum  and  Macon  (£1)  £45  fl4/3i 

'S5?0,  4JWPf.  “1  '48.  siii2ndPf 
i’tV/P0  n831-  lOpcLn  199Q.95  £146  8 

F£1324^8;3E,SUteS  ,a-«S"Db  2000-03 
Fuiirra  H/dgs  340  (19/31 

G— H 

A°OC''n  19B7-92  £93 
Booth  6pcPI  (£1)  47  rf4.ro, 
Electric  71.pcLn  1 987.^3  MC 
7'.pctn  1988-93  £88  887  32  MSl 

Ctetetner  Hldgs  122.  lOpcLn  1990-95 

yaUTiSSSEK!  ?SSS!3,,£^-f7?dg 

“fflSS  PholDorapf’k:  fia9pi  12s 

9o5d2  188  ««»■ 
goodwln  (ion)  42  3 41. 

Grampian  Hldgs  7 PC  PI  csTll  62  3 ri4f» 

£97/7  ei.  5 n7,Sl-  lOPCLn  1991-96 
G£W_  4.l!2er^f  store,  7pcBPr  ren  62 

Grovcbcn  Group  7.5pcPI  ” 1^7^1713)^ 

G“l&.9' TewTS  "SUoFOMT  iUKryipeDb 

95  ^ M33>-  10‘mtDb  IK 

H|y.s  Ena/peeri/re  (Hidg*,  s^SpePf  tei) 
Haima  UpcPl  i£i,  ,05  n,,,. 

*rt7l3la  Uame**  Gr®“P  S'jpcPf  (£1)  47 

CI9IS1  So"‘  *SOp>  455' 50 

1992- 

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LV3  >i  ’ .p;tn  -,;194  £?•» 

■ i3-<v  A.  nv  » ’ Ce  sia 
7r-rrr  Krlrnr.,  M -ihau.»  S intP* 


la  i. 


sub 


Sic. 


L— M 


LaAreka  CTO  Wrnci  B 304  >'19  Si  B(K 
LB  l«M2.WI'.-« 


Ljunn  iJotnir  'A'  N-np  S7S'i  ID  < } ( i 
Laird  era  aiapcCb  iflllBG  £17  il4S. 
LSBWfea  •"$>  (MM^I_7(;WPf  <11 1 98 

H4.SJ.  8«0n 
UlKlMa 


iid  i'l  a: 

7 'I'itli  Hm  7^o-.  P*  •*-.  Li  TptBi 

<£1#  69  is*-...  *<.94-33  £7  '13  il 

'■  :PLln  205C0'.  to;-.  • i-t}i 

!C  «aU.n  200’  uC  ■-■  17 

iNSJuJn  Ol.'ti-  rmrl  'ji;  4 p.  '£SJ 

sv  o ■nrn-oa  lbi  i .is;. 

*4..-BcLa  zees 

■'xa’''?'  " 'a*  i's‘  “SB  ‘^'pl  <1*,' 

Ir.sie*  l”;**.*  i • ;7 

iMihoinr  time  t.’Sr-nDi.  inji-jo 

tai  i;  ;k3'i  t:s2-.  i in 

(OJb-jbot  '.eo 

lunrr  a.sd  Nr* a-  .C  .b<Dn  lelO-e*.  t"I 
• **»  J.  ■■  .etfj.j,  *091.1033  £.1CB  > 0 


Uor-jrati-ji  itnuiiarr  iRO  2n  i.: 

DAB  imriu  (BOIl  11}  1 < i?  ;. 

Iasi  UauUaWitrln  Minn  Options 

l is  ,tr  J. 

frer  ‘4ale  Cons  ualo  Mines  iRv  10 

1 J lrj  LT’4  '*1 

Gi."icrw‘  MiaihU  Unimh  C-jT- 
.RU«0)  LD  CUT! 

GbiJ  (wM!  Cual  IRO.IOI  100 
Nc-  KIciAtentein  I'roi^mrs  :RQ , 

1 14  Zi 

Orange  fire  Hair  intrsit  iiiOOIv  lid's 


70 


Or* i*  le.ris  12,-".L>li  t *106  03 


SPECIAL  LIST 
RULE  535  (2) 

Ui'alliiRc  for  approved  companies 
riiRagrrl  sn!r|\  |»  mineral 
exploration 

Nunn  Wpvi  On  A Gas  iZuot  4 • it7  3> 
,£.  jie./n.£'.on  o'  The  Stock 
E irhan  jn  Cwnri ' > 

RULE  535  (2) 

Application*  granted  for  speelBc 
liHrcaiuh  in  securities  not  listed 
on  any  exchange 


OIL 


17  1. 


. ntL.i 


'l’  li 


T09S-0* 

Scorr  G'.pcDb 


LSI  *137_. 
J'JBS-OO  US 


r Opt 


Lei4 Grp  4':K*»  «LI*  W.*-i  *1*  S; 

Lnd  uoeuu  hmnn.i  o tafl  <£1  * 49 

•».3«.  T-.skPI  .LI.  bi:-  .!W: 

Lew  (i'l  UN  Ttt  6'iacDa  1085-00  tfb-.Q 
<10l3i 

Lea  Sanrlfi'  ZudSrWntoi  ZIO.  6<ipc*f  tit' 

iflrcirt  intrl  d.23pcrf  1LI1  B2  <1tli 
imoisinn  b<«peDa  1114-19  LU^S 
l liter  DpcW  lit  1 43i'  <18.31 

Lkwd  H.»  HUBS  7'sSU.n  1981-01 

London  MKilaXLJnM  hxP)  1LI1  43  4 


OEM  Gr.i  7'sE'tO*  •#{(,  <: « iae 
U**-«BIP  l-.es  a --.Lr  JOJO-ib  t 

l-  :ia'j  34  iii  -a  : 
l/p>3air  4 ;J>'  if.  zr  -id  s.  PfP<  'El< 

&4  ‘ja*..  7 ■ 3B  ■■  .■  I 13.’  SpfL" 

•W*  r4b  £L4  ;R  ;.  I.  - sun  1991.96 
b-.-Pcbn  1992-37  tvj  31 

r.-isir;  ■£:■  t,*.  .-a.j.  20^. 

17  ; L I :Ln  .991  2 COG  Li9 

••UU..-1  1i«'..,00l.  LSJ  I.  5 <a 


U-. 
2<dHI  4 
•••  i S* 


flr  1113)1  Prrrolrum  1#|..  2noPI  11 
eur.'.ah  Oil  6;..  1 111*1  .11;  '] 

bi.dZndPl  <£1 1 bl  ill  i'  J 
b..-.  L Ipfl  ILl;  f* 

1'jE.l  -lir.  L10D 

tr.lui.  Coil  Gidu..  j.lj-i  I’f 
Durr.r  Prirpleum  IOU  MB  di 

rir  uk  i2'«i«Lu  mm  .Rrm 

Of  rat  writer..  Uni.u...;  • 

■ .■!sl'<d1.0i.al  Atleniu  Bisouitr 
New  Court  Naluial  llnourc.  s 

6m  .1  lnniptri  liart.i.u  6'  1 

!2.  7 PC  ZniJPl  'LI.  C9 

TfUCO  InternSlitiiidi  Finantial  Lorn  4 
Ln  1941. «'.<  (.bl  2 


Cl  6*1 


l lei  Pi  it). 


PROPERTY 


4rrer  -r 
C3  -ia  :.. 
■in.-  LSfPf 


1 Cof,'..  Sou 


'h’sIXUi  19BM*  £91 : 
LootXMt  Ntnrn 


Grp  S.4peft  (£1i  65  t14  S' 
Land  on  IMM  6®  BocLn  1900-95  LBS 
fvSsi.  lD‘:(KLn  1990  95  L95 
LnafliO  7';0C1SZOh  1Mb.ll  lilt1'.  Ik 
2ndDb  19B7-9Z  £?0 

Law  Bnrtar  GprlslPt  >Lt»  52'.:  <;s  (14.3*.. 

5’*K3mP>  itll  47’.:  y 114-Si 
Lucas  Inds  7!«nls  1983-88  £9 3s 
Lyon  Lvan  118  lid  5) 


l'r  ,r.M 
li  !_*| 

U#i,Qn  I* 

£■*  'ill* 

Un.Qrs  ^1** 

'i  rie  $ 

Umie:  E ii.  a.j  'H  Jr. 
Be:On  1991  93  Le7 
9B  £51  119  *i 

Un.tcn  r.1111  Hies!  ; 

£87  : .17  J. 

Uetsn  l£  < ai.e  io-.l  42 


12.-  :>  ••.« 


tePI 


Africa.  .R9  50i 


.pctstba  1907 -M 


Vttrrn  :.:rPr  112 
Hec-l-r  If'  . tz 

v..:pi.)  Car.iTi  H ;;i  C 
Vo  »n  AB  D 5X2b.  14 S 


i«H-l"i:  5rc7a« 


Atnance  Protu-rtt  il'nas  3 i.rDD  1992-97 
£91 

Atnca  Lonacvi  Prors  ta.iulslOD  2U25 
£100  1 1 7 Ji  8 ,-rs.Lu  1909  ci;b  9 OH  1 

Aij.le  5c:uritles  13-.ik.Di.  inu7-b7  bD3 
riojj  :.’i-Db  nr#;  'jt  cun.  9 

Atlantis  Mctruiic.ift.il  lUki  \2rtLn  1991- 
1 J'J!  £112  Il*< 

Oroa'cna  7'oMHt  iron  lii'  mfr  ili:  126 
4 (ICiSf 

srit.in  Land  I '.pi  111  Du  1937  LIDS 
; 19:3) 

Bristou  tuaie  (.*>  lirDi.  1983-BS  £92'i 


i-iLn  1(191-98  £07, 


Oxficln  I9BS-95 
PC  IsiC lit  7018  £34 U 


W— Y— Z 


B '»pc  IslDb 


uk  lire  GS  7 JOCLII  1986-9 1 LS7  : 

MV  dart  Orrf  OOvt  29”  J» 

sac  Alpine  (Aureal  9acPf  ten  110  3 

sicLinhr  Storm  7ptLn  1999-04  £133  4 

S8£3t4sii”.’“sV»  «f  7f.uii 

MsnotruM  Bronze  Aldus  B'cucM  0.1  j 72 

■ IO  31 


wee  cp-i  .iepi  dtio  1 7 ..  :o 

UVacaiigca.i  .yo'.n.  Ciccf"  £(>  52  n*I  ;i. 
BfiiPr-tn  £,6  to  i,  iD-ntOt.  1998 -95 
COS'.  MB  Ji 

Was  on  mol  IIU:t  ) :5tPf  )30=>  2!'i 

•17  S« 

Ws-cer  a- a Slav  1 1 -3 J >t=.  50  HB  S< 
Wa.kar  lAitrae.  8 .9:>M  120  1:9- 2> 

Ufa  1 r--.ja.aa . ....  -B  «fl  t. 


us:>. 


ij.^'l  teas’  In,ft 
-v 

litaiu  ' . 

■A’- 


May  Hassell  O’.otDh  1992*97  189  I1TJ1 
Meets  Leisure  Grp  1 1,3  PC  Do  2011  £107'. 
114  SI 


Mf-nries  (Johni  9pcPt  <£11  107 
MnMi)  iR  " “ 


Medal  Bok^lSpc 7|S  (£11  SO.  2.Boc2n*1M 
l(|l  33  (14  Sr.  101-MLn  1992-97  £104 

XtP*iW'1UD2>Tpt«  9<:kD0  1992-97  £89  s 

inw  7acPf  (ill  96!  *18  St 
Mlntv  362  11*3}  Jtl  , 

- Mitchell  Colts  4.SSMPI  «1*  4,,i  ‘14  3r. 
3.SDC2MPI  «£1t  40  (1«» 

Motion  Sintdour  Fabric*  5 pc  111  (*f  t£1i  S4 

Mm  Charlotte  U»»  9';dcLa  1093.2000 
£3G0o 


Westland  War  to  sub  2B  30  7i:piP)  <1(1 
li  145  T’mPi  '£;■  114.  7'4acOb 
'387-92  £Sh 

Wei  twood  Dawn  C *12  -Si  29  M9.S) 
Wniie^rors  4-lpcPi  ■£;»  £(■. 

«n>ittina»n  fV/ilbami  BpcLn  : 592-97  £81 
■ 17.3* 

w.-n-r  7nePf  .£’•  SO  11B  S> 

W.o’alib  7r«Pf  i£l*  88.  u.PtLn  1994-09 

€60-  C7.3i 

VV.Kier^  Hides  10  ;ptPI  .£!»  120  tl?.SI. 
S.-kPJ  l£1l  2S3 

Wi'son  'Connoli«i  Mldgs  BjicPr  1LI1  65 
1:4 'S'.  tO':PC2nt!Pr  'til  ICO 
Woolworth  HIOBS  ' 4aCLn  19B7-B9  £101  ■: 

2 • 3 8>.-r-Ln  2000  I’M  5 6 7 B 

Wrlirt  ijofin)  IWcMhEI  4i;0tPf  t£1l  S3 
<14.31 


Caoital  Coiintlrs  0 

M9.*J 

Cenlrovin.iai  I-.tn 
C79  a 117-3).  I 1 
:.  I19.S) 

CnarlHM-i  Aii.a.Kr  Minus 
1093-90  £86  7 ccLn  IbOp 

Cnurc  nuiir.  Cslan-i  'iikLi-  260D 

. 14. 3j 

Couulr  Prooert.i-i  G'0u|i  SGr'iPf  (tOr) 
£ (17.-3; 

Custun  Cnntrn  Pini-rrties  10  4pclsl0b 
1992-97  £09  tlOSJ 
Grrm  Proper;,  iil.b.211  SB  J19.3I 
tarr.toit  Giour.  12  BLpCLn  1990-92 
£106;  C19-J- 

Hiii.Rienon  Prop  l-.v  Dc»  Corn  475 
Hasiemerc  Cirjtf.  lO'.rcisiDo  2Q1S 
L105  (14  3i.  Dpi. In  2001-06  LUO  9 > ■ 
O'.dtLlt  1900  05  1278  6 110.3) 

Laiul  keturilirs  umlatDb  19B(J  93  £81':. 
7'.t4:siDb  1901  Ob  LS3  no  3)  aixist 

Ob  199C-2001  t'Ji'a.  lOpcIllDU  2026 
£104  . u .j.cLn  1992-97  £7J  6 

1 l(#i3l.  8 ittLn  1992-97  LBB  9 <,  ■. 

90 

L4n  Land  6 nclitDo  1936-01  £B2'i 

114'}] 

LcnS  'Jo'll.}  prorrrtles  9>.pcDl<  1992-97 
L90‘«!  >18  3)  IuocDd  19(11.96  L'JOO 
London  County  Free  LCIS  Prat.  3’rpCIStOb 
193B-8D  £0u  11-131  6',piU1Du  1986 
1996  L7B  (14  Si  7Li>clslDb 


A.r-tfi'D  1-3'.  ■ I a**."P  J.'1,  1 4 
— .rmru-.a  •!  -.PI  - - <20  1) 

.Ml  C. -3141.0  l-twfi  ramus  Gnd  £6(lpDh 

losi.-'j-:  1 fun*  do:  li 6 iso  iro  n4.3: 
AppIr’O  ' ' l.'OI  I.'  .20  la 
Ar.rxal  TC  '£’  • fiSfl  s'!  'll  31 
(IjrBicai'  ■ 3 ■;  4 ■;  <2*1  J. 
r a,  non  ll.li  irm  165  'O  ilO  ?■' 

>'  u-ir.. inijf-  Ifiiif umrnt  , Lo ■ ICS  (25  St 
La:ilrrpy-.i  B.mm  li.irc  istMtoDo  2nn 
'if  1 ;n  1 1 

!>*>lr«i  1 :v  *51?*  Ji'  as  MR  Si 
Ci.ai.f  Mu'.eU  4 Proa  <<CP>  >S4  5 B 
■ 20.1: 

Ciba-Grio-  n>.p:Ln  L4>nac  120.S) 

Dart  Vane*  Hunt  Rlwv  >£i)  136  4G  <:3  5) 
Drman  Wml  -l.'pl  421  . it  7 3) 

Do'aniOfe  1 1 Toi  21  -20  S- 
Dumri  ul  6lie.-:c  '1920r  )2"o)  55  B G2 
< 1 7 M 

□uugias  Gat  Ligsi  Ipi  US  U4S; 
f’rrir.1  f'.tiai  56  (2C  31 
Li.ic.bla,'  1 IPD'  21  U6S  >13  3) 

C»hen>  i5Cl'i  £6  5 <19  3* 

[■plaurj  i(.pi  *.  '•  I17'3i 
flap  alrrOMS  |£1)  345  50  ( I 2,  5 : 
f t.ijtii spates  riunl  744  6 ItO  3> 

far  Evrt  • IPI  25  -17  3} 
r ir.trrics*.  Place  t£ll  103  US  <33'51 
C.jImHj  Cralo.i  Tea  i20l»  13  5 (14  SI 
Gucr.dr.  Gas  Lljh:  <£l)  255  <20  3} 

H.irrt  DckI  Calc  <2o>  (-4  6 <20  31 
Harrier  Caird  '5t>l  16  : II  ■ l 7 3# 
llafyaid  Sect  I Ipr  32  . 3 120  S' 

ICC  # j pj  d50  120  31 
Jriimt-dt.  Dros  I «1  5 >2C'S' 

Jrr.oy  Gas  Sue  APT  40  U4i31 
Jrtwi  Ni*w  WalarworCs  2c*c4lhPI  £3  ISC 
.-I’O  114  5' 

Kif.'icl  Lrllurr  HCPI  39  40  <T9'SI 
Lp  RiLtin  SlD.e-.  (£11  565  76  (17  2< 

Lon  ji.KI  Oxtrit  Land  (20|»I  75  ■ 19  3' 

Me. mi  flOpl  251  21-  t1«  SI 
Midland  City  Parts  <1Qpi  230  2 ’17/31 
Nurioo  V.llirri  Trlumah  HOP'  1 2(19  5' 
Oldham  E'.IS  i5  >pt  92  'i-  >;  >20  31 
OodlPi  ■ ICpI  71  2 4 I2C  :> 

Pa.itlirr  Sect  tDCPf  £11  35  4D  >17  3) 

P tlr iicpied  Pet  ■£!•  32  (20  3i 
5t  AuMPH  Oreaiery  GrclslPI  44  7 (25  3* 

6<* yinciuiv  4pcPtP(  SO  '1.1  3) 

Slmnnprd  Np)<i»  lC>l  020  5 (1  7-'3] 

Sinclair  Rescan  n 53  B tSD'S) 

Some  Tape  ’0  0625P1  2 (20  Jt 
Slh  Quay  Inn  t£li  130  >18  3< 
soifineru  Newipappis  tin  210  s -25  3' 
Star  O’l'.norr  Serried  (50p»  22  ; >20  31 
Siead  .inn  Simnio.i  a'.DcPerpMioDb  1D89 
£31  pc  7 PC  rif.  3) 

TSL  Thermal  Syndicate  5 fapcPt  15>:  b 
• 20.!' 

Taddate  Inis  illpi  S'.  0 • *29  7) 

Tyiu*  Ten  TV  (£!}  1E5  '•  .18  3' 

Utd  Trust  4.  Credit  '£')  410  It  *20  S) 

Wert  an  I.  A iNon-Vtfli  155  12  C3J 
WlnChmorr  44  5 117  3) 

WlMerh  'Ipi  17  I14'31 


N — O — P 


N5S  Nevrsaarnt*  9pcPf  IXI1  100  117.31 
NcwCV  GfP  5PCP1IL1143  11731 
Newman  IMS  1C;  pc  In  1996-93  £88 

NrvH^iPtnl  7 pci »t Pf  (£1}  649.  SDC2od 
Pt  (£11  66  (19  3) 

Next  SOpcBPf  tSOpt  40 

Normans  Grp  BbpcLn  1999-04  £106 

Noril:  Data  AS  ■ N-vw  iNKr  20 1 £ 4Z'i 

Nltn'^rtt  Steel  Gro  (HWotl25 
Nrth  Midland  Con  <10»»  47  ‘|T'3|-By  . 
Nrtbrrr  Ena  •"«  SifipcPt  fEll  68N. 
91  (18,31.  7pcLn  2000-05  M5-  IiK 
Ln  19B8-9S  £86  (1B>3l.  9pc£n  3990-95 

North een  Foodl  7UpcBb  3985-90  £9Tu 
118/3} 


Yo»C-  Trailer  H(d9«  lOpcP*  *£1)  158  it 8-3' 
Yon-shirc  Chemicals  12  triLn  I9B7-92 
C 1 38  H7  31 

Yoiffjnal  Carpets  'Midas'  T'mcPI  >lr£r> 
ICO  01  tlB-3).  BdcP)  nrLO.Ot)  t£0.0> 
<19/3) 


FINANCIAL  TRUSTS 

ALroyd  end  Smlthrrs  690  3.  PI  S95 


olESn'?s!l  7*?pc0h  T 995-98  £77  t1<C;3> 


PLM  AB  B Unrest.  SK25  SK210  212 
7M.*?HMgi)  FlOpl  160  9 370  3 2 3 5 

^ 90 

PalSion  Utt«ro*MWj»  «J0rt  M 


Armour  Ti:  lO'jrCLn  1991-96  £77  "17.'3V 
Australian  Aorlcultiiral  l\A0.50i  Z35 
Bail  lie  Glnors  Teumoioay  War  to  Sub  26  lr 
E>r'.eiey  TKhnoloDv  ISO.OSI  162  3 S 
Blrntlngham  end  Dm  Inv  Tst  Snc2itdPf  (£1) 
44  tld  3/ 

Bntann.a  Arrow  Midos  War  to  »ub  44 
CJ.pcPr  i£5)  66':-  9Pt£n  1995-2000 
£156 

Coir.nsanle  Bancaire  >Bri  ‘FFIOOi  3177 
Comment  at  a su?t*  tss  .7Sr>  54  tig;  S' 
Daily  Mall  Geul  (SOp)  £17-;.  SpcPF 
iSOa)  24 

Eaaloration  (5p)  B7 

r nd  C Enterprise  SerB  3.  Ord  10*.s 
Fersiaon  (James)  Hldot  HOP)  29  - 
Flnt 1 National  Fin  lOtxin  1992  £05 


cbi  cio.-)  - - ,,M,M  RULE  535  (4)  (a) 

London  Snop  Proptrty  Truv)  Q£p«.Ln 
11(87-97  £82':  (173)  11.625dcDd  20  IB 
£121.  3ucLn  1994-91  £1C1.  OocLn 

1994-99  £161.  9.25ptLn  1999-2004 

£111  (17!)  9.25pbLn  19(19-2004  If)-/ 

PA£<27.5Bb)  £109  ■;  10  <. 

UEPC  9 <0.1  st Dr.  1997-2002  LOB  (19'3j. 

1 0 '-DC  I Cl  Do  2024  £113  ')  12nc1SIDb 
2017  £120  U pc  In  2000-05  £79<r 

(19  3)  b'.-pcln  1 995-2000  £1120 

Marlborough  Properly  Hldoa  IQpcLn 
1998  2002  LI  5 S 4 5 (1B/3J 

Mbuntleign  Group  9'<pcLn  2005  £220 
1 1 9.3i 

Muck  low  (A.  and  J ) Groan  7ncPt  (£11  60 
(19’Si 

Municipal  Prop*  rson  L 19.03 

Palmers  tan  Invest  Truer  515  H7iSi 
Pracltey  Properly  Coro  brcPt  t£l)  42 


Rargaiim  marked  in  securities 
where  principal  market  is  out* 
side  1 he  UK  and  Republic  of 
Ireland.  Quotation  has  uot  been 
granted  in  London  and  dealings 
are  not  recorded  In  the  Official 
List 


114.3) 

Peel  HldOS  IOpcPI  (SOP)  60  2';  119(31 
P£?37l*  Hllla  ,n*  TfUil  2001  *06 
"rnpertv  _5ecurily  Inv  Trust  BpcPI  (£11 

Rcol*  Property  Hldas  C\pcLn  1997  £flS(« 
* " IpelllDb  2014 


Fosehayah  Greycoat  Esti  UpcUlDi 

SJmu?r"pmp*  npdslDb  2316  1 
25.41  £261.9 


ACI  InU  A53.559  >19  3> 

Acorn  Securities  15  (14.31 
Admiral  Mines  2'j  <19.'!) 

Advanced  Mkto  Devices  £21  06  Vt  f »9  3> 
Aetna  lile  3 Casualty  £43 'rO  (14-J) 

Air  Products  A Chanucah  £51  Sn  (19;3I 
Allied  Technologies  £130  '17.11 
Allstate  E-nlor.'ilons  8 <-B  3) 

American  Can  £54G  H4i3) 

American  Home  Products  £40i 
Ames  Department  Stores  £40 •»  |19*3> 
Amoco  Con  £ 39’*  (1413) 

Amaol  108  (19  31 


£25  Pd. 


Ams(erdjm.Rotte»ilant  Bank  FI  105  B 
-Busch  USS48NO  (18-3) 


30 


(Hltnrai  12  roctn 


Pearson  5bpcl.il  19B8-03  IMj  at"'?«5 
1988-93  £74.  BkptU. 


114,3).  tO'.-PcUl  2001-05  19*7.  1®*iKl.n 
1945-98  tlOO'j-  13DcLn  20C7  £123^« 
(16,‘J).  lOtocLn  1993-98  U85  118.3> 
Pemtn  (ZOpl  ’^OS'iiiBiJ).  I3';pc£n 
1990  (Ser-^Aj  £1  ^ T, -t19i  31 

PhoSx  l London)  lloePf  <£i) 

PMUrd  Grp  9 hue  PI  «1).  tlftM 
Plmicv  7£pcDb  19g2-g7  £aT  2 -Cl9  1) 
portals  HWtn  ,6«.P1L£1'  55U.  ij.. 

pl^'thidbi'n  i&Pf  .M3  ,£1»  103  5 
Port  mouth  Sunderland  Newspapers  IOJpc 

^ ‘KW" JSSi- «-»  «’•*-*• 
rfartU'W-*  »9  As4* 

PrrvMC  Hidos  lOJPCP)  t£11  107  (19  3) 


n?8  3)1 

rfist'  Nadoiial  Secs 
1987  £540  (19  Si 
Goode  Dvrranr  Murray  Grp  3.5ptPf  (50p) 

“ l,4Sl  2025 


Thartls  Company  110  *18/3) 

T£76'-  "fc-y?1*  p,ro”  flpetB  1997m" 
Centre  Sees  Opan  1996-2000 

W««m  City  ot  London  Props  149  50  1 
Webo  ijoaephl  7':ncPr  an  54  (17#S# 


PLANTATIONS 


Q— R— S 


Queens  Moat  Nooses  I2pc1it0b  2013 
tfl6U  11713).  lOJjKLB,  1?M-91  £532 
Quick  (H.  J.»  lOPcPT  (£1)  10*  -i  118.3) 


Hampton  ^New  in*pcDb  2025  £107ij 
(19  3) 

iaaffJ&tf’cEi  V '’»=k„*a 

Ln  1987-50  £92.  12':pcLn  1993-98 

I ttcnwttOM?  Jersey  WU  160  t19'3) 
KeKOCf.  P)  ISpI  38  40  MB  3) 

Mercantile  House  HtdBS  LnNls  1984-59 

Mtiray*Veii?i«cS  Wt*  630  SO 
Pacific  87'.'  8 9 WU  23  4 5’j  6 
Rolnscltild  tj  1 Hidos  W«  61 H *»  2 : 
Stewart  Enterarlse  Wrs  10«s 
Stock  Evihanoc  7,*P«0a  1990-95  fBOJ. 
2-j  (18;!).  lO'oPcDa  2016  £271.  -s  -• 

i ■*»  1 is  8 

Strata  VWs  44  (17  3)..  ^ 

Tempieton  Galbraltn  Hansberoer  (10.01) 
235  1 19.8).  New  (50.01)  232  S 4 5 6 
Transconllncotal  Servicrs  Crp  WU  128 

Utd' Computer  Trth  Hid 31  WtP  T9':r:o 
Wrttnio'  SpcLn  1989-94  £109 
Yule  Catto  ll'ipcpf  1998-2003  (£1)  120S 
(18-31 


AnnH»- Eastern  plants  wrnis 
>19.'SJ.  1 Z'/peLn  1995-99 


Anqio- indoncsU  g|?rg"g 


DunJoo  Plants.  OpcPI  i£1)  52  (14) 


sob  12 

70S  119*!) 
£1)  223. 


(nch  Kenneth  Kaiang  Rubber  (lap) 


SSii.. 


Jltra  Rubber  Plains  r(0p)  «3 
McLeod  Russel  4.2pcPf  i£ll  48  *1813). 
f-peft  ;£1J  58  bOiat  |14;3>.  5.9PCP1 

1*11  uv  # * 1 2) 

MalakoP  Beriua  (MSI)  52  <19|3) 
Narborouflh  Plants  HOP)  3C  1 16131 


Anhewspr-I.  

Apple  Comouter  £15.80  (14:3) 

A '.hlon  Minina  73  4 (19  31 
Atlantic  Ricnf.eid  £35.8oo  (i*  3) 

Ausr  Foundation  Inv  104®  (19)31 
Ault  Oil  & Gas  74  H9*3) 

Ba-.n  Resources  740  U8>31 
Basic  Rrsources  Int  (Bahamas)  SB 
Biss  Strait  Oil  Gas  7u  iih>3) 

Bit«ertCChe  Motoren  Werke  DM  527®  23 
£1££|. 

•Bsvnri'Che  VBlWnSbanK  £175  DM  562 
(18‘31 

Peach  Petroleum  30  6>:  (19  3) 

Belt  Gro  332®  (193) 

Raral  IBB 

Itaunty  Inv*  13S  r»7'3) 

CrlSi  Intnl  4 75  (17(3) 

FlrislOl-MvOO  USSE'9'*®  ’17  3) 

Cidhtirv  Schweppes  Austral-a 
(19(31 

Canipbell  Red  Lake  Mines  £12'.®  07*3) 
Canada  Nenh-West  (Aust)  OH  a ti9,3> 
Carrelour  FFr  3 500.0  (19'3) 

Central  Norseman  Gold  3R5  (17i3J 


lltfiij 


Padano  Senang  HldOS  dOp)  57  Il9f5j 
RUO  Esn  HldOS  435  <17/3) 


Seimah  Rubber  i£1 1 (Reel  £22  1 19)31 
Wtatern  Dooar*  Tc*  Hldss  finCPl  l£l> 


RAILWAYS 


Comako  11R 
Commco  550® 

Cone*  Aust  2tO  i) 

Conk  Inv  II®  (17(3) 

Cons  Petroleum  Australia  7”» 
CooueryvIiJpn  Inc  USK27H9  'i® 
Cosekn  Resources  75®  7 (19.3) 


REA  OfkhU)  wm  IP ' sub  *7  lIBiSJ. 
9oePf  i£l ) 89  90.  13'ipcLh  1987-90 

RFD*  Grp95*)pePf  (£11  M 40  l14/3) 

RHP  Grp  7PCPf  ltlS.52  (17.3) 
RatJl-ChubD  B'/PcLn  1987-92  £BB>sj (17. « 
Rank  Oro  6^pcPI  (£»»  SO  a.  8pc2ijdW 
(£1)  70  (18*2i-  5>:pcLn  1990-95  £67 
. U9/3I.  apcLn  1988-93  £89.  lO)«pe^n 
1997-2002  £99  li  >:  100  1 
R^Ls'  HMD  MCDCBW.il  6«M 56 
fapcPIA  i£l)  55  («W3|k  6oeP*  W •.  SS 
09:3).  BNBCLn.  19BS-BB  £88®  9 -iv. 
6£pcLa  1983-83  £91  (19/31.  7<}PcLn 

1981-86  ti oo-'a  i?j::  ..'i?:  'lajli. 
BkPcLn  199D-94  £85';  (18ii>.  8 apcLn 
1991-95  (SOL  ') 

RacdiSe  lF.5.)  UWS  100  .... 

Ra raids  iGrcat  fildoei  GikPt  *CH  51 
t!4  3).  8 DC 2 nfl Pt  i£»l  6*  (14/3 1 
Ray  Deck  IO’.dcPI  0.1)  l°0  118.3) 
Readicuf  int-  5(*Pt2ndPF  (£11  *6  U8/3J. 

aupcLn  1988-93  682 
Rrfkitt  Coiroan  SprPt  (£ll  47 
Repland  G'.ocDb  1988-93  £79-  7-:peab 

Bwd^aiMlflf^CfF  335.  BpcPF  l£T)  C6 
Reed  Tnt  4'  BtM  (£.1)  40.  5DCPI  »C1> 
42  (18*3).  7'":0CDb  1987-92  £89 >•  (19  3<. 
7>iBcDb  1990-95  £90';_.  5*tPCLn  £*6. 


Caloary  and  Edmonton  Railway  4pcDb 
'Old  by  CP  Lida  2002  £J0 
Canadian  Pacific  i/u  Ldn)  'lntcrch  tranil) 
NPV  £8.95  4pcPi  LstlB  NPV  4J  119/3). 
■SptDb  £33':  7';  £ 


Cray  Research  £5D<;  (18  31 
Djlmler-Ben*  (DM  50)_ 


INSURANCE 


SHIPPING 


Commercial  Union  5ncP(  1989-2009  f£l) 

Genl  ' Ace  3 Fire  Lllr  5'-PcPf  C£li  460. 
7'jpeLn  1987-92  £B7>4  (T9  3).  7*4PC 

Ln  1992-07  £84  : 5 >. 

Guardian  Royal  Eachanue  7r<Pf  (!1J  73 
(IBS).  7pcLn  1986-91  U*1.  !I 
London  4pcP(  (£1>  30  (173) 

Provincial  25ocP1  C20n1 
Standard  Lite  Spc  £43  (18  3) 


Common  Bros  i50p>  4>-  8 
Grain  Shipp) no  A N-V  i£1)  530  5 (17133 
Penluular  ana  Oriental  Steam  Nav  SpcPfid 
£43':  i17i!)  Wrnu  to  purcluie  Did 
143 

S'nampton.  ioW  and  50C  RM  Steam  PLt 
■S9p)  343®  690.  SpcPT  <£1)  40 
Turnbull  Scott  Hldss  N-V  A <£1)  370 
• 14/3) 


INVESTMENT  TRUSTS 


UTILITIES 


7':PCLn  £6fi'£  7'JCln  1996-2001  £Sp::. 
IQpcLn  2004-09  £9Si  5 U b«<  7 (a 


9 h '00 


Reed  piblisblng  H/dgs  3':(kDB  '983-M 
£85-  6>.-PCD0  19B3-8B  £90.  BpcDD 

' 1992-96  £85 1*  11915'.  4'yXLn  2004-09 
£43  “7  .KLfi  19B7-92  £851*  <18  3i. 
9pcLn  1999-2004  £88  «: 

fier^d  'y&tnFZUB" 

Rooertsofl3  “w® (£11  66  (18(5) 

»^r"e  Grp  ^^^/“.sV.Vaitn 
1995-99  £74  (IBIS' 

Rodime  (5pl  760  08.31 
Ropner  11i:pcPf  i£1)  138  *.  9. 

Rown tree  Mackintosh  Wrts  to 
<17/31.  apclsrpi  'XT'  55-jO  *P«ndPf 
■ill  61  (1813'.  7l;Bt3fdPT  l£1|  60 

Riraby ! ’ Portland  Cement  6acLn  .199M» 
£70*a  2-  7>*PCLn  1 993-98  £79-:  *1713) 


-S  iatS  U Stores  Wb  to  Mb  12  (14/31 
5GB  C&»  sSSob  1991-94  £92  08/3) 
SKF  AB  15*50)  iNon-RcaL)  £280 
Saitchl  & Saatem  6oeLn  2015  £158 

Saiiisburv  <J ) 7<.pei«D®  1987-92 

ftmi-ri  ftncLn  L71 

5aker*a  Fin  inv  Corp  'R0.53)  80  (17  3) 
» Tllnev  5pcP1  id)  S3  '17  3) 

54lmon  (Christian)  5.6PcPf  (£1)  75s* 

Sanderson  Murray  Elder  Wdo*  >50p1 i 78 
Scapa  Gro  BpcLn  19e8-93  £80  09  3) 
btetrs  Restaurant  f)2^p)  71 5 
Sears  7oe  A Pf  (CD  GO':  09  31  IZHpC 
• Pf  '£1 J 105-*j  (17.3).  7«*peLn  1992-9- 
£79  :• 

Scars ‘Eng  HkWs  6pcP(  *£))  56®.  8'.pc 

Db  19&7-92  £88  (17  3) 

Seeurkar  Grp  6':KPf  ^'1  £1S  •.8  3- 
Shaw  Carpets  5.6pePf  <£D  55  '1.  5J 
10pc2ndPt  ’til  102  09  3) 

SheSield  Brick  Grp  tlOp)  22 

5horrock  (ion)  75,  h 6 7 

Simon  Ena  5.4pcPf  id)  62  *17  s5  Eoe 

AS'l»  <£)’  681*1  ?■*  .y’l8  3^ 

GOO  Grp  airfePl  <£l)  39  /1*  31 
Sllnvsby  (H.  G)  1*0  2 ^ 

Emlih  (W.  H.l  Son  HIdBS  B (J0P)  64- :0 
SpcDb  1987-92  £90*-  1 '1*3)  5'-pc 

Ln^  £44  (19f3),  74*PCLn  1988-93  CBS 

Smlrbs5  huh  7»!0cDb  19M-6B  Ml  is 

(1 6;3).  11  i*PcDb  1 MS-  3000  ti  to 

Smurft  (Jeflerson)  Grp  lO'iP-Ln  1975- 
K l£7s  C1M) 

SommoiYllie  (Wllliaml  Son  380 

SUB  Fhth  Hldgi  IOpcw  «•»  im  * - 

Stareley  Inris  7^:ocLn  1 


Alliance  Sat  £43:  M4  3).  avpiDb  £38 
40 

AUCC  WIS  54  ‘;® 

Atlantic  Assets  SocPfCtll  <2  (18  3) 
hilKi:  Gldora  Japan  Wts  243  5 IJ9  *) 
Bailuc  G-flonJ  Shin  Nippon  WU  33 
turtscn  -ipcDb  £32  (14  3) 

Brit  Assets  ASpsPr  Wi  (19  3) 

Bin  In*  5pcDb  1983-8B  £84  (14  5) 

Brit  Kidney  Patient  AM  til)  160 

Lttiul  laearlng  101  (17  3) 

Derby  CW  OOdViIo.  WV.  45  (17  31 
O-itton  .CcuiU  J'rPeDb  £38.  7 :btLn 

Edlmiurgn^Finci  wts  12  : (19  31  13'ilPC 
Lb  20U5  £1)9;  (18  3/ 

EdlnbwrOb  l.&SccPIO  £42  M9  !>_  S**pd 
Du  1998  £53-*  119  >/.  S-.PCDP  1998 
LbS 

Engiisn  New  York-  5oePI  £44'. ,118 IS) 
Cnpiisn  Scottish  5mPt  M* ■;  H4  3) 
tnVsh  NJi^nai  Pid  (Lli  ) 74  ;.  Did. 

1)5..  D'aP* DO  1991-96  £87  (17  3) 
f and  C Alliance  toPCDU  ’SbS-OO  £84 
F and  C Eunotrust  S'.ccLn  1996  £193 
F and  C Pacilic  WIs  45 
Hrst  Scottish  Amw  3-;seP»  £*S 
First  Union  Gen i fRO-25 ) 11 5 

!Ssas’Jsu.S“*iV"i1.’  ■*  n*  n. 

ForciBn  “c i **  SlTA*  l**3-*»  *W-. 

{K-fSS.b'W&w’BSii'ffS* 

Gf  Jram  in  veil  Ts:  frrpcLn  i!®S7r^v,52 
General  Fuocu  Invest  Tss  SoePf  46 

Cveroun  Securities  Inv  7 si  (£1i 


Barton  Transport  >i6Qp)  191:  3:  *18/3) 
Bristol  Channel  5hip  Repairers  tlOp)  41* 


Caliutu  Elea  Supply  Corn  > lnd  la)  Equity 
. RulOi  Hi®.  7-.-pcPf  iRUlOj  241: 
Dublin  Ga*  4pcDb  iPerp)  |£1)  l£20 
MancneBter  Shin  Canal  SptPI  i£l)  245. 
4pcDb  £33  >19(3) 

Mersey  Docks  and  Harbour  Combd  units 
36  7.  J'*PcDb  7979-89  £75®  3 '.-DC 

Ob  1979-69  £7  1.  L-.ix.Db  1994-87  LLb 
KBi'S).  6<*PCDO  1996-99  £62  (19/3) 


WATER  WORKS 

Dm  Watrr  3.5pci!mlr 


and 


□oornemoutn 
5pci  £45  1 
Bristol  Waterworks  4. 9 pc  «lmly  7umu) 
£55  >ie;37.  S.bpcilmly  5pcmaa)  £4Ct 
£.-.  2.5'lmlv  5 PC'  Pf  £37  *1 3/5}.  4pc 
Da  £50 

Cncster  Waterwks  7':pcOb  1991-93  £81 

> 1 4i3i 

Colne  Valley  Waitr  A rimly  10pc  £66 
■ 1iu3).  ZSpcilmly  4pc)P(  £29!  33:. 
4 SSpCilmly  b'.poPT  14B2-R7.  £9DJ 


East  Anplun  Water  3.5pafmly  Sue)  Lie: 


a: 


102  3 5: 


German  Smaller  Co  s In  Tst  Warrants  55 

Glniicw  Stockholders  Tst  SaePI  ‘*D  434j 
<14  jf  H.SBcDa  2009  £110  119)3) 
Globe  roves:  Tst  1 1 :PcLn  1990-95  £280 

Gtfcenlriar  Invest  Warranto  200 

Group  Investors  Opi  Certs  145 

Hambros  Invest  Tst  G'.ocDb  1981-86 

Invest  Tst  SUfriPI  (d  ■ 47  114.3' 
invntmcni  Trust  ol  GuerflMtr  iSOPi  l.) 

Inr^Jors  Cau.lal  Tst  5 ’.ac PI  £4? 

Law  Dcbcniure  4 :p:Db 

Londcn  S:  Lawrence  Invest  l5s)  69  <19.3). 

London  Tk's^kOB  1M8-M I t«‘7  ‘>7.5) 
MCrcnanlS  Tst  4pcDa  £33  (19.31 
Murray  Iniofie  Ts:  5ocPf  (£1*  42  (17.3). 

bocD  a 1963-BS  £90*  ilB-3) 

Murrav  Intnl  TST  4 !3CP1  >£1)  39  llA3). 

I .3cDb  £27  ‘19  3i 
New  Darien  Oil  Ts:  Warrants  2 
New  Throflmerion  Ts:  <1963)  lZ.&KDb 

New0 ToKyei6li<>eaiSTst  Warrants  145 
Plants  lion  Tst  7:acLn  £84 

»KpErci:r7nv&  5T0„  Varr.m. 

RomVv  9T«  Soe« 

ScowSbTJercaiilile^owist  J'.-ocW ' f£l»  60 
Sco'.iift  Cities  Invest  Tst  456  ii7.G) 
Sconlsh  Invest  Ttt  4.5PCAP1  £53  '15M 
Scottish  Mortgage  Tsi  5_-*acP>  A4>a* 
EPC-140C  Interest  DP 
(17  5» 


87 


East  Surfrr  Water  a 7pafmly  1 OpO  mu 
£o5:.  OrdB  a.Spcffmhr  7p<lmaa  £52: 
7:.  3.5PC1  truly  SpC'PI  £4  1 > 19/3) 

Em  Worcesters  biro  Walerworks  7 pel  drily 
1 Gpc)  mak  i£l  0]  600:  TOO:  3.5pc 

ilmly  5 pc  1 max  £4C.®.  6.3pcimly  9pO 
Pf  (994-94  £BL":  iia/3i 
Eaitbournc  Waterworks  (Q-tpcDd  1995-97 
£97 ')  HLi3l 

Essen  Water  3 Spolmly  See)  M5i.  3.5pc 
ffmlv  Spc'Ncw  £38®.  4.2ncihii(y  ,6pci 
Pf  1984-ac.  £96.  7pcDb  1987-89  £8B>* 
(19i31.  CpcDb  1991-93  £84  117(31. 

IQpcDb  1992-94  £96':  H9I3>.  10':PC 

Db  1994-95  COB.  USDotDb  1995- 
ig97  £103  118(3)  , , . . 

Folkestone  Dlstrut  Water  Co  4.9pc  (Imiy 
7k)  New  (£10)  35D:  4001.  4.9pe  (Imiy 
7 pc.  Max  (£10)  375  (1 813).  7pcDb 

19HB-89  £86';  (10  3l 
Hartlepool-.  Water  3.5pc  (Imiy  Lw)  Mas 
3£;  ( 1 7. 2) 

Lee  Valley  Waier  Co  3.Sp<  (Imiy  Spc) 

Mld^Ke:.!  Water  Co  3 5 (Imiy  Spc)  £44: 
5:  3 Sor  PI  £35 : 45:.  CpcOb  1992-94 

M’ld^Soutnern  Water  Cd  3.5PC  £44:  5!. 
4 2kH  1984-BU  £95-;.  7'*OCDb  1991- 
1993  £62 

Mid  SiAsea  Water  4.0 pc  >1amly  7oci  £55: 

North  Surrey  Water  Co  7pc  £60:  S!. 
4.0  pc  A £52:  7*.  4.9P..B  £52:  7:.  3.5pC 
PI  £3o  (19  31  4 2orP(  1984-B6  £93 

Porumoutn  Waie>  Co  3 Sk  £4i:  st. 

4.02SKP1  1984-86  £93 
Rlckmanswollh  Water  Co  3.5pc  £43:  51. 
4pcDb  £32  (10.31 

South  Sunordshlre  Waterworks  Co  4 gpc 
Class  O £53  (19  3J.  42*tPI  1983-88 
489  (14.3/.  7Pi.‘Db  1988-90  £85  (19.3). 
7 .PCDD  1991-96  CCD  (14.3) 

Sunderland  Louth  Snields  Water  Co  Sioc 
£40®.  4.2PCPI  1986-88  £851;  (I9.3J. 
7pcDta  I986-BB  £90  1'.-  (1B3i.  75DD 
1992-94  £82  S':  6-  lOPtDb  1992-9J 
£94..-  6 (19  3)  , 

Tcndrinu  Hundred  Waterworks  Co  S.bpe 


£21* 


2020  £1291* 


itSS"sim^Sp  ’f932  £37  (Tf  3)  Alliance  Tst  BJpePI  £36 


Max  (£10)  475;  S7S!  J.5pcNew  l£10) 
5M  (14TJJ  S.faptPl  (£10)  550  (17  3) 
W«l  Hampshire  Wator  Co  B (£10)  400! 
500: 

W«i  Kent  Water  Co  3-SDCConi  £38  41 ; 


StuH  Bros  Hldss  5.2SpcZnd« 
fi:  (14/31.  5.6pc3rdP1  '£>)  M (’S3) 
we  i«c  ;ie-tl 


9stLn  1990-95  £06  flf.'S) 
steetloy  JijoePf  (£1)  4)0 
SterUno  indi  1 API  i5':bci  <£•)  e' 
Stoddard  HIdSs  <)0p)  ZA  > > B 
5tanehill  Hidgs  la'toeFl  * £11  90  (17.3) 
Stored  Dow  BpcLn  f«S2  «30  1 | 6 7 9 
Stroud  Riley  Drummond  BPePf  !£>)  68'* 

Sunbeam  ‘ WoJiav  BOtW  (WU  lr£0  41 
M9G1 

SuIpp  Did  (Sp)  561  »i  2 
Swlnt  (Johni  Sons  6.3BCW /£•>*»- 
Svmendfi  Elia  (Sp>  17®.  7:;pcPf  (£D  54 
<17.3) 


Wr'rxham  Eait  Dci'b  Waier  Co  4.9Cons 
£55  ()7‘3)  . . _ 

Yorlt  WdtcrworkL  Co  4.9pc  £471 


Slum  Invest  Warrants  42.  lipiLn  2003- 
2304  £112  3 

TR  Audrain  lows:  Tjt  Warrants  9#  __ 

T{i 7 / 3v  ^^scDb**? 992 *97  n*“E  UNLISTED  SECURITIES  MARKET 

TR  Pac$?e  Bmefn  *lftv«B2TsV Warranw  390®. 

6'*xDh  1997-2C02  £69*::  ‘j:  ‘W?*. 


TR  Technology  invest  Tst  5pJp_1  (£>)  42 
TR  Trwiees  41-peP)  £39«fn;j3i 
Tnraomorton  Tst  I2’:»pf : Db  aOJO  £1»1  * 
Throg morion  USM  Tit  N®wj  LSOjn)  1 0 * 
3®.  New  5'r«  101 ')  '18(31 
Uodown  mmt  240  (171!)  „uits 

v/Jian  Invest  SpeDs  1996-99  £62-'*  (T9f!) 


T~u— V 


UNIT  TRUSTS 


M and  C Gold  and  General  f n '«  Jl"i» 
41 1*  (19.3).  ftfcttm  Uhiia  45H  fl'9'3' 

M ants  G Min)  Income  Fd  Int  Units  MMi® 


TI  Grp  S.apeLn  1983-94  £671;  MB- 3). 

7 TpcLn  1889-94  £84.  9PCLn  1989-94 
£90 

Tarmac  5';k  w rti)  63  n9,'3).  7‘:nc  _ 

Db L 198^-02  £88  «7?3).  81.KLP  MINES — MISCELLANEOUS 

iRO-50)  £54 


1990-95  CSSS 
Tale  Lvte  6JJPCPT  «£1)  57  (IB'S).  7 la  PC 

Db  1BW-94  £82  <lft3).  £1ipcU 

■ 985-90  £86  (IB'S)  7!.*PcLn  2003-08 
£67'.  aa/3).  13pCLn  1994-99  £200  T 
Tivlor  Woodrow  7i*P<Vn  1987-90  £89'< 
(1 8*3) 

Totev/ston  South  TflpcLn  1997  d>5 


Anglo  American  Inrest  Tsi 
(10  3 


..-ua),  GpcPI  (R2)  10  I17;3> 

Audio  United  Development  NPV  30  T 3 
Ofsichl  Ttajlflf*  IK 

2004  £73  <78. 3/.  flluKln  1985-93  U&s 


American  Electronic  Components  (So)  2*'j 

l^ih  b i'  7 

Applied  Holofliaphics  Warrant*  10  tub  (or 
Ord  210  (17  3) 

BPP  Hidgs  OOP)  190  2 7 
Btomccbanlrs  If'tnll  |10p)  23 '3  4 7 
Cannon  Street  /lives:  7 7p<P1  1994-9B  405 

Chirr  Foulks  Lynch  (5p'  93 

s.opcpf 

Crampnorn’tloo)  S60 

ElSvlK'hMM  6.5*£m  <£<)  I07Z BJIBfS) 
Emerialnment  Production  Services  (5p)  10 
(193) 

Gibbs  Mew  162 

Gould  (Lauronte)  113  04J5) 

Heavitrcc  Brewery  A 350® 

Intcrvlskm  Video  (HIM*)  (10p)  4>j  5. 
7PCPI  (£11  22  C19J3) 

New  England  Piod  lOotLit  1990  £55 

ParKflcId  Go  7nrPf  (£1)  177  * 

Paul  Michael  Leifiumwear  (5«  13 


DM  1.335.0 

Djrty  fFFr  20)  FFr  2.850.0 
Davten-Kifdson  £310®  <I7i3) 

Development  Bank  ol  Singapore  136 
Dlglcort  71® 

DHney  iWalil  Productions  U6535L  H7  31 
Domes  Mines  6® 

Dresdner  Bank  £133';  (1913) 

C as» man  Kodak  £399 
(Mm«  31  (19/3) 

Far  East  Hotels  £ Entertain meirt  5 (18  3) 
Federal  Express  £45®  (19,3) 

Frlpltronlcs  £20'tO  (J9;3l 
G.si-Brocadrs  £72  V FI  274  (19,’3« 

GOuld  U553S  3G  '19  3) 

Great  Eastern  Mines  a 
Grecnbuthe*  Tin  26  t18;3) 

Greenwood  Resources  1®  2"j  '19.31 
Grumman  US*26'v® 

Hang  Lunp  Development  «3®  ri7  3) 

Heine  Ken  n 231  MB.31 
Hrwlen- Packard  Q29‘.  (19.'3) 

Hill  50  Gold  Mines  12V  I.  (19/3) 

Hllachl  281®  H7;3I 

Hnng  Kong  8 Kowloon  Wharl  8 Godown 
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Hong  Kong  Electric  HlOBi  71 
Hong  Kong  Telephone  80':®  (19>3) 

Hussel  OM  409  li  8, >3) 

Hvsan  Development  5 
id  Australia  124  (19-31 
("dulirlal  Eoulty  3400  |1*.3) 

In:  Mining  zij*  (19*3; 

Jardine  5eeurlt«(s  106': 
jlm  Walter  £39i®  (17  3) 

KLM  (KonliikU)ke  Luchtvaait  MIJi 
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K Man  L29'«  . 

Kern  100  H7/3S 

Kerr  McGee  £19V  ■ 1 * 3> 

K lesion  Gold  Mines  301®  it 9 3) 
KoUmoroen  £ior»  ...... 

Kulim  Malaysia  25®  5 (18,3) 

Kupe  Peiroteum  25®  3 
Lac  Minerals  £11  VO  117*3) 

Lilly  (Ell)  £4 O'.  Il»{5> 

Macquarie  011  3®  (1 9 3T 

asnss-ss  ssl  u*™  «8Si 

McDonald's  £63 V®  '10-31 

Merck  £109'*®  IT (13 * 

MIKhell  Energy  8 Developmenl  600 
Moel -Hennessey  £216® 

Mogul  Mining  B 10 
Moore  102# 

Mount  Carrington  Mine. 

NZ  Forest  Products  90118.3) 

National  Electronics  fCoiA)  5-j®  6V  S'*  • 
Naiional  Scmlcondunor  995  (19-3) 
Nallonale-Nederianoon  (FI  2.5) 

Mew  World  Dovetopment  44-'iO 
News  Corp  770  ...... 

Nicholas  Kiwi  Ausiraiaal*  142  naiS) 

Oil  Search  14i:  15 
Ol 'me'  Resources  39®  ... 

Overseas  Chinese  Bankliw  1B2  ilh.al 
Pan  Am  Corp  550  (18  3) 

Pan  Pacific  Petroleum  2 1*  (17. 31 
Poiro  Energy  4'*  (19/3)  _ 

Peugeot  FFr  9030  FFr  1.000.0 

PUbro-Salomon  £37'!®  (18(3» 

Philips  Morris  £B0V  "8/35 
Pioneer  Concrete. Servfces  1-3  5'i 
Pioneer  Sugar  MHK  80®  Il9i3) 

Planet  Resources,  Gro  3 V® 

Plenty  River  Mining  8 H7I3) 

Poseidon  1600  48  55 
Power  Coro  ol  Cinooa  £13V.® 

Pretoria  Portland  Cement  175  H8.-3) 
Procter  8 GamDlo  £50-:  tl9.3) 

Raytheon  £431*®  4 
Regal  Mote®  (Hldgsl  9‘j  K9.M 
RraenL  Mini  no  7B® 
ftepco  90® 

Rovex  Gold  Minina  145 
Santa  Fe  Southern  Pacific  £25 '.® 

Sene  ring  £173':® 

Schering-Plough  £43 V® 

SeDngor  Coconuts  36 
Siemens  £205®  14(:®  1*0 
17  21 

Singapore  Land  75®  (14/3) 

Sonora  Gold  203 
Source  Pert  let  £55 
Southland  34®  -if. 3)  ^ 

Southwest  GoW  Mines  4®  4 
Standard  011  01  Ohio  £31  'ill  8.3) 

Stirling  Petroleum  17V  (19/3) 

Straits  Trading  3 (1713) 

Sun  Hung  Kal  19®  i)  (19/31 
Swire  Pacific  B 48 -;0  (18/3) 

Svntex  fiSflV  (18/3) 

Tjndem  RacgurcM  90  (19,3)  _ 

Tandy  £28.20®  USS42  <l7'3i 
Target  Petroleum  18  19  iISjS) 

Target  Petroleum  (AS0.15)  50  7'j  (»9  31 
Terre*  Rcsouces  7'j  8.  _ 

Tbvsscn  DM  187®  90  (19/3) 

Treasure  Valley  Eunln  SO 
Tri-Arc  Energy  2 (14/31 
Tr-ConllnCnUl  C19V®  :*  M?/3) 

Unilever  (FI  20)  £H0'«  ®I1’*®  9 ■ 

Utd  Overseas  Bank  85  (17/3' 

Utd  Overseas  Land  iW 
Veha  USS137U  0 M309 
Victoria  Eapln  5 *• . 

VolltswBgenwerit  DM  587 
Vulnon  ■ Lou  la)  FFr  i.dzd.o  ii8'3) 

Vultan  Minerals  8 (19/3) 

Walker  (Hiram)  rosbuws  £14\ 
wattle  Golly  Gold  Mines  2 M4  3) 

Western  Air  Lines  £78®  (19*3) 

Western  Union  525®  (14/3) 

Wcsnrnx  88  . 

Wcyertva Cuter  £24 1*® 

Whittaker  £18®  M9;3>  

WaoOlde  Petroleum!  Lon  Rag)  47  B h 9 
Wool  wort  hJ  iA5050)  1S8  (17/3) 
zanex  li  )5  (iBi3) 

Zayre  £48t(®  (17'3' 

Zone  Petroleum  6®  7 (14)3) 


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ix3  1 M.90  Fruited. 

*** naet.  NOTES  ~ 

ra  0*8127066  prt«*»  are  M pence  nrirm  ounmtae  teBcmed  and  them 
7543  - - z desHpuUd  S mm  ne  m(l<  refer  to  U.S.  doflan.  YMds 

1*J3  — % (Own  ■ tait  cotamol  aSd*r  fiw  *11  &«vta9  expeasa. 

2-1*3  - a Oherrd  pkn  tactade  all  cxpmscs.  k Todays  price, 

tag  . - - * vwd  brad  ee  after  price.  A Eta/mrad  « Toss's 

Jjg  — 0IXW*«  price,  h DWrflwUoo  free  ni  UK  teres. 

imS  — B Periode pman  krewnee ptea.  % Slne» prewasw 

aoa  . . — hanace.  z Ottered  price  kidades  *R  eiperoa  cssept 

MIS  ....  — anenrscamntelan-y  OHered price wdedes all ewremes 

BJ9  - — d ttaipk  manners.  * Pierian  day's  prlca. 

Jfra  ■■  • - «■  CaerRMy  gross  9 Suspended,  t Yield  brine  Jersey 

Siia  _ te*.  t ExraOnraL  tt  Only  **}Uin  ta  ctartabte 

I34M  ...  — borin.  • Yield  catmn  stmn  manltaed  exes  ri  HAM 

19OT  . . _ Incnme.  xd  n dMflerd. 


TRADITIONAL  OPTIONS 

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062*824151  RK  Bffikra  Faad  Hmngm  ud 
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tra *»*o  ON  .1  - J 

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PO  86(194,  St  Hatter,  Jersey 

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frM- 


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Financial  Times  Saturday  March  22  1986 


BRITISH  TOKOS 

I I 

Sta*  I £ 


"Starts"  (Lives  sp  to  Foe 


AMERICANS— Coni. 

w I?  M* 


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103  Do.pJx  CniUPf 

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290  iTurotwUScouU... 

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197  jFIISrav 

165  Ganur  Booth  — .... 

32  Heaton.  Sims  5a . 

135  Lanbert  Htk  20p... . 

60  NewMd&Burtsn.. 

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142  Kyto 

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29  Abfrcom  R03O. — 

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118  American  Trust 

114  AjdtosTsl'B'. 

346  245  Anglo  Am.  Secs 

127  104  Archimedes  Inc. 

132  92  Do  Cap.  50p J 

210  117  VArgo  Im.  (AS2) 1 

168  (123  IAsWowUpy 


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89  fttlanuc  Assets 

222  SkAeGdtordJapfft. 

421,  WWeGdfcrdShlrip. 

68  Baillic(UMTcch.J 

82  Safken’tnr. 

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164  1115  CTJacffl  ._  ...  ■ 
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£1C9  ',£80  'Do. 4J^t C«  Ln  1994  . | 

25 0 <252  JrreyCec.a J 

157  i 104  u»  Howtos- A 


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127  lUnci  Alooeoolor.^j 

263  'LawCeoenure J 

31  Veda  In  wc2Cp — J 

134  Do.Cfe.5a — J 

142  Loe. Warns J 

244iAm.4Gart.5Cp. 

160  ui  ASiratwyoe — j 

65  icr£ar  Trna ! 

35  iDoVkarran 
75  (LowWdler 
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439  I Da-CfelOp  — 

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3b  ■fVnner  Core. \ 

Ul  finger  DUB.. 

£41  fejaJDutfcFOD — 

179  j0S*rt»AOff5c 

32  fSippMroPttSOp.- 

119  PScestrelteJl 

620  SbefTrm.  Reg 

58  Do.7ptff.El 

130  (Sftohme 

17  )Kcttbwtti!to.4fe 

63  (SreareoBtu 

12  terns  RaHaftfvJ 
8 ttSarakPri 

95  tore  UNO  BreriUle- 

17UTREttrgy 

£54  JreHW)  *kje  C«.  — 
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91  ITrceatrol 

£87V  Do  11k  C*  Ln '95-05  J 
100  TritarEnropefe — J 

18  ji-Tp&erfaS  IrSp— { 24 

165  Uteaittr 165 

12  Warrior  Resfi J 14* 

45  ifWoethideASOc — J 48 


OVERSEAS  TRADERS 

58  (Africa)  lakes j 50d,. 


448 


48 


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(9.9 


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475 

455  , 
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294 
78 
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82  (FintoyUfBWtJ. 
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TS  ItacksWm. 


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127  Stoa.2ach.10D.-J  257  ff5 
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135  (Po8yPedth»110p._.|  138  -7 
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36  iSneOvayMSOff  J 39  |+3  briUttfc  IA 

465  tolBrnt — >570  1-5  I 161129 

3b  To«r  Kerns.  20p — j 120  [+3  -j  - 


i 60  i Oa.8l»tCreP*20pJ 


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PLANTATIONS 


Stack 

Rubbers,  Palm  )if 


94  f 39  (Aegto-Easi  Pbas — J 

235  ; 133  'Angto-lrktorewn j 

70  flertrei  lOp ( 

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157  . 

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347  ( 2*2  WcLMdRiiMm ......  I 

2»3  ! 170  1 DaffApcCny.Pf.  — > 

815  1694  ‘Moral  £1 _J 


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630  < 383  JWdUanttdEl. — I — I 560  1..77  20066152 

MINES 
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■106  ! 41  lEgnUCan 

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07^:565 
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829  235 
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256  90 

173  I 70 
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279  ( 75 
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£31^923 
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998  (270  |Blytocr25c 

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885  340  (SlWoBte»r50c J 

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NOTES 


Uilns  otherwise  MJcatett  puces  M net  dhrifetto  art  hi  pm  and 
dwwnftulloBS  sre  25p.  EttlmMed  prKtteankigi  rttto  wri  com  we  breed 
w<  iatert  aaraul  rapons  and  accoMs  and,  trim  panUe,  are  epdhud  oflhaN' 
yearly  Agues.  Pits  an  cakutattd  re  “Bet"  dteributhm  few's  emiAure  P*r 
dure  beUq  mouted  00  Broht  after  tasatton  fad  tmreflewri  ACT  where 
apePcaUe;  bracketed  figures  mricare  10  per  cent  or  more  dUTrruce  V 
catenated  m “ntf*  ctetrtiuBorL  Cwers  are  breed  re  "aredmaT  fttitioMBp,' 
1M1  campares  grass  dMert  cods  to  proilt  alter  tattoo,  whdhg 
e*cepUoo3/  probtytoises  but  todwhng  emraaml  ertert  tf  oBkctaPte  ACT. 
Yfeetosarebawo  on  rnadto  poets,  **  prere,  fd)uried  to  ACT  ol  30  per  owt 
an)  allow  lor  cafere  ol  declared  dWrtbufeen  red  ngtos. 

■ “Too  suck". 

* Highland  Lows  mart  ed  thus  have  OeeaadMstttf  to  allow  tar  ri0tibBtt! 
tor  cask. 

t Inter  tor  swee  increased  or  resorted. 

t lotrnm  smer  redterp,  passed  or  Oeferred. 
it  Tu  tree  to  mm-resMents  on  appttsttlon. 

* Figures  Of  report  matted. 

V Not  oHKulhr  UK  rnva;  draHngs  permitted  under  Me  saSHXt). 

9 U5M.  nor  listed  on  Stock  Ecchrepe  and  camawg  not  nbtorikd  to  me 
degree  el  wgnfiamr  os  tad  learrin. 

It  Draft  m under  Rule  535(31. 
t Pnce  a lime  bI  suspension. 

T Incscaieduftndew  after  pndnp  scrip  redfer  itytti  ban:  coon  ntrire  ■ 
prewoiK  dividend  or  tareeatt 
+ Merger  M or  reorgnsattan  to  progress. 

* Nm  comparable. 

* Same  uderrar  reduced  HnaJ  andtar  rectactd  earrings  totaled. 

i Foreua  rinrtend;  coyer  oa  rammgs  updated  by  latest  httrtnsutanenL 
7 Coyer  allows  for  comenipn  of  shares  not  now  raoktag  lor  dlrldaidi  or 
ranking  ait,  for  redacted  datdenu. 

* Corer  dors  not  allow  tor  spares  wUch  may  fin  rafkfbrdMdffld  ns 
torero  dote.  Ho  P.-E  ratio  usahy  prerided. 

4 No  par  value. 

B.Fr.  Belgian  Francs.  Ff.  French  Francs,  tf  Yield  basad  an  atawdre 
Treasury  Bill  Rate  stays  lochreged  otafl  uucarlty  of  stack.  aAtreatad 
ibrtdfiri.  b Figures  based  oc  prospectus  or  other  offer  estimate,  c Cents, 
d DhtacM  rate  paid  or  oayaHr  on  pari  of  capital,  cover  timed  on  Mdeodoa 
tun  capital  n Reormpurt  yield.  I Ftat  yteid.  g Asmnied  dMdrtri  red  ytokL 
6 Auomed  towdeod  and  yrtto  after  Kris  Itwe.  J Payment  tram  capital  aamcas. 
h Kenya,  m Interim  higher  than  prertsas  nuL  nRtgta  tesre  penriap. 
q Earnmgs  basal  w preOmnani  fibres.  1 DMdend  and  yMI  eKtodoattPNil 
tmynrtp.  t littKaied  dlvMemt  cover  rewrs  to  piertoas  itridead.  PIE  rato 
cosed  on  kaet  anna!  earemgs.  0 Fomas,  or  estinaed  renoUsed  dferidcad 
rate,  cover  based  cn  prewnus  year’s  earrings.  1 Mdect  to  local  tax. 
a Dtvhlena  caver  w ncessot  100  times,  y Dhndeod  and  yirid  bated  00  Miger 
tentts.  e Chctterd  and  neto  Bduae  a special  paymesr  Gorer  rets  not  apMr  to 
watt  payrronc.  A NH  dttriead  and  ywld.  B Preference  HMdend  passed  or 
drientd.  C Canadian.  E Mtomom  tender  price.  FDhiriend  and  ytetd  based  on 
cwspotss  oe  otter  DfBcaiesMHtes  (nr  19B4ff5.  6 Assumed  *4*al  art 
yield  after  pendtrg  scrip  and/or  rights  tome.  H Dividend  and  yield  based  or 
prwea*  » titer  official  ertmuiei  tor  1986.  R Flparei  based  or  jmpeaB 
or  offtfal  cttlnain  tor  1900.  L Esemaied  wnreteed  dkrtoerd.  carer  oad  pie 
based  oo  latest  oreual  earotogt  M Dtedeto  and  ytetd  besed  on  prtapetas  or 
other  oCfnal  esUonte  l«  19GM6.  N Drirind  and  yield  Psed  oapratoecto 
or  other  oKtfial  estimates  hr  1985.  P Figaros  based  on  pnspeda  or  riher 
official  estimates  tor  19SL  Q Grass.  0 Forecast  remodbed  *rtad,  carer 
ato  6c  based  on  orosawto  te  PBtof  MBdri  esttooto  T Flg»  aaanid. 
Z Dirideod  tod  n date. 

MomtateiB:  rieiiftridBid;  b«  sera  !»*;*« 
cfedol  dartbtdton. 


REGIONAL  & IRISH  STOCKS 

The  following  is  a selection  of  Regional  and  Irish  stocks,  trie  totter  being 
quoted  m Irish  currency. 


Abaaylnc2fio 

Crart&RoseEl 

Finlay  Pkg.  5p ' 

HoltUosJSo 

loMStm.£L 


HU! 

Fondllle*19BB 

NK.W2MV 


105 

A** 

47 

771 

75 


-a 


g 


an 

£9Vi 


Fto.l3%97rtC 

028 

SS 

tf 

CPI  HUBS. 

17* 

M 

Hat)  iR.  & H.)  , 

72 

HertocHIdgs..^. 

X 

60 

UM 

“Recent  Issues”  and  “Rights"  Page  26 


Tte  ante  it  awfabie  ts  emy  Csopny  dah  bi  or  Slack 
Eidanges  tbrangbout  tht  Unitad  Kk^dm  tor  a Its  if  £B7S  pgr 
amun  lor  8Kb  stcnritj. 


UK  inflation  rate  drops  to  5.1% 


BY  GEORGE  GRAHAM 

BRITAIN’S  rate  of  inflation  fell 
last  month  to  5.1  per  cent  a 
year,  from  5.5  per  cent  in 
January.  Further  falls  are  ex- 
pected in  the  next  few  months 
as  a result  of  lower  petrol 
prices  and  cuts  in  mortgage 
rates. 

More  expensive  cauliflowers 
and  tomatoes  and  an  extra  lp 
on  a pint  of  milk  contributed 
to  an  overali  increase  in  the 
Retail  Price  Index  of  0.4  per 
cent  last  month  from  January's 
level.  This  compares  with  a rise 
in  prices  of  0.S  per  cent  in  Feb- 
ruary 1985.  the  Employment 
Department  said  yesterday. 

While  four-star  petrol  foil  by 
5p  to  an  average  £1.35  a gallon, 
this  was  not  enough  to  offset 
higher  food  prices.  Petrol  prices 
have  now  fallen  by  nearly  I8p 
since  last  May.  and  a further  6p 
drop  is  expected  for  the  March 
Retail  Price  Index. 


nuyg  CMER  previous  VEM 


:TPI 

* 

1984 

1985 

1986 

“ With  current  movements  in 
prices  less  than  they  were  a 
year  ago.  we  are  well  on  our 
way  to  meeting  the  Chancellor's 
forecast  of  3*  per  cent  by  the 
end  of  the  yecr,”  Lord  Young. 


the  Employment  Secretary. 
s?;d. 

In  his  Budget  statement  on 
Tuesday,  the  Chancellor  of  the 
Exchequer  said  the  annual  rate 
of  inflation  for  food  prices  was 
expected  to  remain  at  3 per 
cent  in  1986,  but  a 7Jper  cent 
rate  of  increase  was  expected 
for  housing  costs. 

The  direct  effect  of  the  higher 
excise  duties  on  cigarettes 
announced  in  the  Budget  are 
expected  to  add  0.58  points  to 
the  retail  price  index  in  April, 
but  this  is  fractionally  lower 
than'  the  effect  of  last  year’s 
Budget  increases  in  excise 
duties  and  will  not  increase  the 
annual  rate  of  inflation. 

Lower  mortgage  rates  will 
knock  an  estimated  0.3  points 
off  the  price  index  next  month, 
but  this  will  be  more  than  off- 
set over  the  year  by  the 
expected  14  per  cent  increase  in 


domestic  rate  bills.  Local 
authority  . rents  ‘ are  also 
expected  to  rise. 

In  spite  of  the  drop  to  5.1 
per  cent  in  February,  the  UK’s 
annual  inflation  rate  still  stands 
above  the  European  Com- 
munity’s average  of  4.7  per  cent. 
The  rate  is  lower  than  Greece's 
(25  per  cent)  and  Italy’s  (8.8 
per  cent),  but  higher  than 
France's  (4.2  per  cent),  the 
US's  (3.9  per  cent)  and  West 
Germany's  (1.3  per  cent). 

The  Retail  Price  Index  for 
•February  stood  at-  381.1*  com- 
pared with  379.7  in  January  and 
362.7  in  February  1985 
(January  1974  = 100).  The  Tax 
and  Price  Index  (January  1978 
=100)  stood  at  193.7  in 
-February,  compared  with  192.9 
in  January  and  186.4  in 
February  a year  earlier,  an 
amui&l . rate  of  increase  of  3.9 
per  cent..- 


onLeykmd  Management  buyout  agreed  for 
‘could  stm  Cadbury  food  and  beverages 

hrrak  fSown’  BY  UONEL  BARBER 

Uivtill  UUTtU  oATvnrrcv  erminpuwc  ..j  tt «.» . x r x.  xl 


By  Peter  Riddell  and 

Kenneth  Gooding 

TALKS  between  the  Govern- 
ment and  General  Motors  of  the 
US  about  Leyland  Trucks  and 
Land  Rover  could  still  break 
down.  An  agreement  satisfac- 
tory to  both  sides  is  not  a fore- 
gone conclusion,  a senior 
minister  claimed  yesterday. 

As  the  Government  sought 
to  maintain  pressure  on  GM  in 
the  negotiations,  now  nearing 
completion,  about  BL's  commer- 
cial vehicle  division,  the  senior 
minister,  who  is  on  the  special 
Cabinet  committee  concerned 
with  state-owned  BL,  insisted 
that  no  Easter  deadline  had 
been  set  for  the  proposed  deal. 

At  the  same  time  Mr  Paul 
Channon,  the  Trade  and  In- 
dustry Secretary,  who  is  also  on 
the  committee,  gave  categoric 
assurances  to  members  of  the 
consortium  which  hopes  to 
organise  a management  buy-out 
of  Land  Rover  that  no  deal  had 
been  done  with  any  organisa- 
tion. 

He  said  a promised  statement 
to  the  Commons  next  week 
might  be  a holding  one  ahead 
of  a definitive  announcement 
after  the  Easter  recess. 

The  Government's  tactics  yes- 
terday appeared  to  be  aimed 
both  at  maintaining  a tough 
bargaining  position  in  final 
talks  with  GM  and  reassuring 
backbench  critics  that  ministers 
were  negotiating  vigorously  to 
protect  British  interests.  This 
is  partly  in  the  hope  of  limiting 
any  backbench  rebellion. 

Nevertheless,  all  the  signs  are 
that  the  Government  is  pre- 
pared to  do  a deal  with  GM. 

Mr  Norman  Tebbit,  Conserva- 
tive Party  chairman,  prepared 
the  way  last  night  in  an  inter- 
view with  Channel  4's  Week  in 
Politics  programme  when  he 
referred  to  some  of  the  advan- 
tages of  compromise.  He  also 
suggested  the  possibility  of  an 
Anglo-American  solution  and 
warned  against  mindless  reac- 
tion to  a foreign  takeover. 

The  meeting  between  the 
Land  Rover  buy-out  consortium 
and  Mr  Channon  was  **  con- 
structive and  positive,"  accord- 
ing to  Mr  Jon  Moulton  of 
Schroder  Ventures,  which  has 
organised  the  consortium 

Other  consortium  members 
include  the  Coal  Board  Pen- 
sion Fond.  Electra  Candover, 
and  Investors  in  Industry. 

During  the  half-hour  meet- 
ing Mr  Channon  repeated  pre- 
vious assurances  that  all  the 
potential  bidders  for  Land 
Rover  would  be  given  equal 
consideration. 

Heseltine  renews  attack, 
Page  6 


BY  LIONEL  BARBER 

CADBURY  SCHWEPPES,  the 
confectionery  and  soft  drinks 
group,  last  night  announced  the 
sale  of  its  food  and  beverages 
interests  in  a management 
buyout  worth  about  £97m. 

Tbe  management  team,  which 
plans  an  eventual  stock  market 
flotation  for  the  business,  was 
forced  to  raise  its  original  offer 
of  £82.5m  after  Allied-Lyons.  the 
(xid  and  drinks  group,  countered 
with  a bid  worth  just  over 
£100m.  Market  analysts  said 
that  Ranks  Hovis  McDougall,  the 
food  manufacturer,  had  also 
entered  the  running  with  an 
offer  of  around  £95m. 

Cadbury  justified  the  slightly 
lower  offer  by  the  management 
team  by  saying  it  wished  to 
protect  its  brand  names  in  the 
food  and  beverages  division. 
These  include  cocoa,  on  which 
the  Cadbury  business  was 
founded  155  years  ago.  Smash 
instant  potato.  Marvel,  the 
powdered  milk  substitute. 


Typhoo  tea,  and  ChlversHartley 
jams. 

In  a move  aimed  at  retaining 
links  with  the  business,  Cadbury 
has  an  option  to  take  a 10  per 
cent  stake  when  it  goes  public. 
The  target  date  for  flotation  is 
1990. 

Tbe  division  was  put  up  for 
sale  last  January.  A manage- 
ment buyout  . was  always - 
Cadbury’s  preferred  solution, 
but  the  sale  rapidly  developed 
into  an  auction  -with  several 
major  food  companies  express- 
ing an  interest 

One  potential  obstacle  to  the 
Allied-Lyons  bid  centred  on 
possible  objections  from  the 
Office  of  Fair  Trading.  Allied, 
which  faces  a £2.8bn  hostile 
bid  from  Eiders  IXL,  the 
Australian  brewing  and  agricul- 
tural group,  has  strong  food 
interests  including  Lyons  tea 
and  coffee. 

Market  analysts  said  that 
Allied  might  have  had  to  sell 
off  some  of  tbe  coffee  interests 


to  prevent  a reference  to  the 
Monopolies  Commission.  Cad- 
bury. which  wanted  a swift  sale, 
stressed  that  it  wanted  to 
protect  more  than  5,000  jobs  in 
the  food  and  beverages  division. 

For  the  year  ending  last 
December,  the  division  made 
£13.7m  trading  profit — almost 
the  same  as  the  prevous  year — 
on  £377.5m  sales.  Cadbury  said 
it  was  selling  the  division  to 
focus  on  its  core  business  in 
confectionery  and  soft  drinks. 

Last  month,  the  group 
announced  a 25  per  cent  drop 
in  pre-tax  profits  to  £93 .3m, 
largely  due  to  a £42.5m  fall  in 
profits  in  the  group’s  North 
American  operations,  which 
made  a £5.6m  loss. 

Analysts  said  the  group  had 
obtained  a good  price  for  the 
food  and  beverages  interests 
which  would  improve  ■ the 
group's  gearing  and  recoup 
losses  from  North  America. 

On  the  stock  market  Cadbury 
shares  closed  at  18Tp,  up  lp. 


Alan  Bond  wins  Thom  EMI 
Screen  Entertainment  group 


BY  RAYMOND  5NODDY 

MR  ALAN  BOND,  the  Australian 
businessman . is  to  take  over 
Thorn  EMI’s  Screen  Entertain- 
ment division  after  the  failure 
yesterday  of  a £110m  manage- 
ment buyout. 

Mr  Bond,  who  backed  the  suc- 
cessful Australian  challenge  for 
the  Americas  Cup  in  1983,  will 
pay  the  full  £110m  for  Screen 
Entertainment  in  cash  and  make 
available  • $100m  (£66m)  in 

operating  capital  for  bis  acqui- 
sition. 

The  deal  will  become  final 
three  days  after  Office  of  Fair 
Trading  clearance  is  obtained. 

Tbe  Bond  Corporation,  of 
which  Mr  Bond  is  chairman, 
will  take  control  of  the  largest 
slice  of  the  British  film  and 
cinema  industry  through  the 
deal.  Screen  Entertainment  has 
105  cinemas  with  300  screens, 
Elstree  Studios,  a library  of 
more  than  2,000  films,  and  film 
financing,  production  and  distri- 
bution operations. 

Mr  Bond,  who  is  also  chairs 
man  of  Airship  Industries, 
saved  the  management  buyout 
team  in  December  with  a £10m 
investment.  This  was  put  down 
as  a . non-returnable  deposit 
when  it  looked  as  if  either  the 


Rank  Organisation  or  the 
Cannon  Group  together  with 
Heron  International  would 
emerge  victorious. 

Although  the  management 
team,  led  by  Mr  Gary  DartnaU, 
the  chief  executive,  raised  the 
£110m  purchase  price  by  the 
February  28  deadline,  they 
were  unable  to  raise  the 
operating  capital. 

Thom  EMI  granted  a three- 
week  extension  which  was 
underwritten  by  Mr  Bond.  The 
final  deadline  for  the  manage- 
ment team  ran  out  yesterday 
and  the  Bond  Corporation 
decided  to  exercise  an  option 
to  purchase. 

Mr  Dartnall  said  last  ni^it  he 
was  disappointed  over  being  un- 
able to  complete  the  buyout 
But  be  added:  “1  welcome  the 
continuing  support  of  the  Bond 
Corporation.” 

Mr  Dartnall  is  to  remain  chief 
executive  of  Screen  Entertain- 
ment. He  said  he  believed  Mr 
Bond  intended  to  run  the 
company  as  the  management 
buyout  team  had  planned. 

Mr  Alan  Birchmore,  an  execu- 
tive director  of  the  Bond 
Corporation,  confirmed  last 
night  that  Mr  Dartnall  would 


remain  chief  executive,  but  said 
it  was  too  early  to  make  cate- 
gorical statements  about  the 
company's  future  shape. 

44  We  intend  to  sit  down  with 
dear  minds  and  work  out  what 
we  intend  to  do,”  Mr  Birchmore 
said. 

There  has  been  widespread 
speculation  in  the  British  film 
industry  that  Mr  Bond  might 
sell  part  of  Screen  Entertain- 
ment if  he  acquired  the 
company. 

Mr  Bond,  who  was  bom  in 
London,  has  television  interests 
in  Australia.  He  has  said  he 
believes  in  the  future  of  the 
British  film  industry  and  wants 
to  be  part  of  it 

He  said  yesterday:  “Bond 
Corporation  is  looking  forward 
to  completing  its  acquisition  of 
Thorn  EMI  Screen  Entertain- 
ment as  soon  as  OFT  clearance 
is  obtained.  We  know  that 
Gary  Dartnall  and  bis  manage- 
ment team  will  maintain  Thorn 
EMI  Screen  Entertainment’s 
leadership  position  in  tbe 
British  film  industry. 

44  Bond  Corporation  is 
extremely  pleased  to  have  the 
opportunity  to  become  a partici- 
pant in  the  industry  through  its 
investment.44 


CHIEF  PRICE  CHANGES  YESTERDAY 

(Prices  in  pence  unless  otherwise  Indicated), 

RISES  RTZ  755 

Conv.  9%  2000  ‘A4  £29 } 4-'  I Rowntree  Mack.  ....  525 

Conv.  91%  2005  *A'  £29(  + 1 Suter  286 

Allied  Textile  565  + 45  Tnrnty  Inti 320 

Antofagasta  .... 510  + fio  Wellcome  217 


RISES 

Conv.  9%  2000  ‘A*  £29}  +'  I 
Conv.  9f%  2005  *A'  £29(  + 1 

Allied  Textile  565  + 45 

Antofagasta  510  + 60 

Bass  825  + 23 

Bramall  (C.  D.)  ....  298  + 33 

Conroy  Pet 43  + 13 

Cons.  Gold  Fields  - 537  + 15 

Cowie  (T.)  174  + S 

Dee  Corp 295  + 12 

Distillers  677  + 37 

Foseco  Minsep  ...  298  + 24 

Foster  (J.)  96+12 

Lowe  Howard-Spink  3SS  + 38 
Pearson  497  + 16 


CEGB  warned  against  big 
increase  in  oil  burning 


Wickes  175 

FALLS 

Barra  tt  Devs 140 

Boots  272 

Delta  Group  239 

Grattan  428 

NatWest  Bank  ....:.  910 

Poseidon  141 

STC  122 

Tricentrol  91 

Trustbouse  Forte...  202 


WORLDWIDE  WEATHER 

UK  today:  Cloudy  with  rain  generally. 
SE  mainly  dry  later.  Outlook:  Rain  with 
sunny  intervals.  Windy. 

Y*day 

Y’day 

Y-dBy 

Vday 

midday 

midday 

midday 

"C 

*F 

*C 

•F 

■c 

®F 

"C 

•F 

1?. 

54 

Corfu  F 

14 

57 

Luxmbg.  F 

5 

41 

Peking  S 

12 

54 

15 

59 

Dallas  C 

3 

36 

Madeira  C 

17 

63 

Penh  C 

21 

.■0 

5 

41 

Dublin  F 

10 

50 

Madrid  S 

13 

55 

Prague  C 

b 

41 

13 

55 

Dbrvnk.  5 

13 

bb 

Majorca  C 

1Z 

54 

Rykjvfr.  R 

2 

26 

Bahrain  S 

23 

73 

Fdnbgh.  C 

9 

48 

Malaga  S 

19 

BE 

Rhodes  C 

15 

53 

14 

57 

Faro  S 

17 

Vi 

Malta  F 

17 

63 

Rio  J'ot 

— 

— 



Florence  R 

9 

48 

M'chastr  F 

9 

46 

Rome  T 

9 

48 

8 

46 

Franklt.  f 

7 

45 

Melbne. 

— 

— 

Salzbrg.  8 

1 

37 

11 

62 

Goncva  C 

7 

45 

M*.  C.T 

— 

— 

S’cfacot  F 

11 

52 

Berlin  Ft 

4 

39 

Gibrlir.  S 

17 

63 

Miemit  R 

19 

66 

S.ngapr. 

— 

— 

12 

-54 

Gl  sg'w-  F 

10 

50 

Milan.  -71 

4 

39 

,5'tiago 

— 

9 

48 

G'rnscy  F 

9 

4fl 

Montrl.t  F—16 

3 

Srckhm.  S 

4 

39 

S 

46 

Helsinki  S 

3 

37 

Moscow-  S. 

8 

46 

Sira  stag.  R 

7 

45 

H.  Kong  C 

21 

70 

Munich  Si 

3 

37 

Sydney 

— 

— 

11 

52 

Innabrfe  C- 

■ 7 

45 

Nairobi-  F 

22. 

72.  Tangier  S 

19 

66 

6 

43 

Invrnn.  F 

8 

46 

Naples  S 

B 

1G 

Tel  AVIV  5 

20 

68 

9 

4a 

l o.Man  S 

9- 

43 

Nassau. 

— 

— 

Tenerife  3 

20 

7 

49 

Istanbul  S 

9 

48 

NwcStl  F 

9 

48 

Tokyo 

— 

— 

n 

36 

Jeisey  S 

9 

48 

N Delhi  F 

22 

73 

i r ntot  C-i2 

23 

73 

Joburg  F 

26 

79 

N York*  F 

-8 

18 

Tunis  r 

14 

57 

9 

48 

L Pirns.  P 

M 

66 

Nice  ' C 

8 

46 

Valencia  S 

18 

64 

26 

77 

Lisbon  S 

17 

61 

Nicosia  F 

17 

63 

Venice  F 

10 

■50 

14 

Locarno  C 

9 

48 

Oporto  S 

i« 

bl 

Vienne  C 

7 

45 

Lon/ian  C 

71 

52 

Oslo  C 

i 

37 

Wersew  S 

46 

Cpnhgn.  P 

7 

451 

L.  Ang.t  F 

15 

59  Paris  F 

9 

481 -Zurich  f 

6. 

43 

C— Cloudy. 

F— Fair.  R — Rain 

. 5— Sunny.  SI— Sleet.  T — Thunder, 

- 





t Noon  GMT  temperatures. 

— 

— 

— 

BY  MAURICE  SAMUELSON 

THE  Government  has  stepped 
in  to  prevent  a-  significant 
increase  in  tbe  amount  of  oil 
being  burned  in  power  stations 
because  it  fears  this  would 
jeopardise  the  coal  industry’s 
recovery  from  its  year-long 
strike. 

News  of  the  move  emerged 
as  the  Central  Electricity 
Generating  Board  announced 
that  from  next  month,  it  would 
add  .5.2  per  cent  to  its  bulk 
supply  tariff  — the  price  at 
which  it  sells  electricity  to  the 
12  area  boards  in  England  and 
Wales,  The  increase  is  likely 
to  mean  rises  of  about  5 per 
cent  in  retail  electricity  prices. 

The  CEGB  has  been  using 
the  threat  of  greater  oil  con- 
sumption as  a lever  in  negotia- 
tions with  tbe  National  Coal 
Board  for  cheaper  coal  to 
reflect  lower  oil  prices. 

. . The.  JiCB  has  already  cut 
some  coal  prices  but  the  dis- 
counts-only  last  until  the  end 
of  this  month.  Tbe  CEGB  has 
indicated  that  it  will  feel  free 
to  review  its  position  from 
April  1. 

Mr  Peter  Walker,  the  Energy 
Secretary,  is  understood  to 
have  told  Lord  Marshall,  tbe 
CEGB,  chairman,  that  with  the 
coal  industry  trying  to  recover 
from  tbe  strike,  a - significant 
increase  in  oil-fired  generation 


of  electricity  is  out  of  the 
question. 

Yesterday,  the  CEGB  indenti- 
fied  higher  coal  prices  as  one 
of  two  main  factors  in  its  tariff 
increase. 

It  said  that  about  60  per  cent 
of  the  rise  stemmed  from 
higher  fossil  fuel  prices.  The 
remainder  was  caused  by  the 
need  to  meet  its  share  of  the 
financial  target  for  the  elec- 
tricity industry  for  the  three 
years  ending  in  1987-88. 

Lord  Marshall  told  the  Com- 
mons Energy  Committee  last 
week  that  because  of  lower  oil 
prices,  as  well  as  cheaper  coal 
available  overseas,  the  CEGB 
was  giving  the  NCB  “an  oppor- 
tunity to  Quote  lower  coal  prices 
to  us  to  that  they  can  retain 
our  market." 

He  added:  44  We  have  no  fun- 
damental wish  to  import  large 
quantities  of  oil  or  coal,  but 
the  NCB  should  win  our  market  i 
on  merit 

The  Electricity  Consumers ! 
Council  last  night  expressed 
satisfaction  that  the  price  rise 
was  likely  to  be  within  tbe  rale 
of  inflation.  It  criticised  ihe 
fact  that  electricity  users  had 
not  felt  greater  benefit  from  the 
fall  in  oil  prices. 

The  industry’s  need  to  meet  a 
financial  target,  it  added,  meant 
that  the  Government  was  using 
it  as  a “ tax  gathering  vehicle.” 


Esso  rise 
adds  to 
confusion 
over  pump 
petrol  prices 

By  Max  Wilkinson, 

Resources  Editor 

CONFUSION  ABOUT  what  is 
going  to  happen  to  petrol  prices 
this  weekend  was  increased 
yesterdav  by  an  announcement 
from  Esso  that  it  would  pass  on 
to  motorists  the  whole  of  the 
Tip  Budget  rise  in  duty’.  Esso 
said  this  would  push  the  maxi- 
mum price  at  its  pumps  from 
177.6p  to  179.6p  for  a gallon. 

The  apparently  obscure  arith- 
metic reflects  the  fact  that  few 
motorists  are  actually  paying 
the  maximum.  Four-star  prices 
range  from  as  little  as  158p  at 
some  pumps. 

Petrol  companies’  estimates 
yesterday  of  the  average  price 
at  the  pump  put  it  at  about  1 • op. 
In  his  Budget  speech  on  Tues- 
day Mr  Nigel  Lawson.  Chan- 
cellor of  the  Exchequer,  sug- 
gested that  falling  oil  prices 
made  it  possible  for  petrol 
prices  to  come  down  another 
12p.  quite  enough  to  absorb  tbe 
increase  he  was  imposing. 

The  duty  rise  was  5Jp  to  com- 
pensate for  inflation  and  2p  to 
allow  for  the  fact  that  he  was 
not  raising  the  annual  car- 
licence  fee  from  £100. 

Esso’s  announcement  yester- 
day followed  vigorous  reaction 
by  other  oil  companies  to  the 
idea  that  they  should  absorb  the 
74p  increase.  Shell  and  BP.  the 
other  two  market  leaders,  said 
their  prices  would  rise  from 
this  weekend. 

Both,  however,  have  been  coy  I 
about  specifying  the  amount  of 
their  increases.  Shell  said  yes- , 
terday:  “To  have  absorbed  all 
or  any  part  of  the  duty  would 
create  an  unfortunate 
precedent  Petrol  duty  is  meant 
to  be  a tax  on  tbe  product.  As 
such  it  must  be  passed  on  to 
the  consumer.  Otherwise  it 
becomes  an  unacceptable  tax  on 

the  company.” 

BP  bas  taken  a similar  line. 
Both,  however,  concede  that 1 
prices  paid  at  the  pump  by : 
motorists  will  be  dictated  by 
market  competition. 

The  consensus  yesterday 
seemed  to  be  that  motorists 
could  expect  to  pay  about  177p 
a gallon  this  weekend  but  that 
competition  would  continue  to 
erode  prices: 

Continued  from  Page  1 

Lawson 

employer  who  takes  on  an  18  or 
19-year-oid  at  up  to  £55  a week, 
or  a 20-year-old  at  up  to  £65  a 
week. 

Only  9 per  cent  of  respon- 
dents said  that  tbe  scheme 
would  do  a lot  to  encourage 
them  to  take  on  more  young- 
sters. Against  this  33  per  cent 
said  that  it  would  do  a little 
and  57  per  cent  said  that  K 
would  make  hardly  any  differ- 
ence. 

On  employment  prospects  in 
general,  the  poll  found  that  55 
per  cent  of  directors  were  ex- 
pecting a reduction  in  their 
company's  payroll  in  the  next 
few  months.  Just  44  per  cent 
are  expecting  an  increase. 
This  seems  to  indicate  a con- 
tinuing process  of  restructuring 
in  the  economy. 

Mr  Lawson’s  proposals  to  en- 
courage company  donations  to 
charities  have  also  met  a less 
than  enthusiastic  response.  Only 
5 per  cent  of  executives  said 
that  the  Chancellor's  new  pro- 
visions would  lead  them  to  give 
much  more.  Mr  Lawson  is 
offering  tax  relief  on  one-off 
gifts  up  to  a maximum  of  3 per 
cent  of  the  company's  annual 
dividend  payment  to  its  share- 
holders. 

Another  28  per  cent  said 
that  the  new  provision  might 
stimulate  them  a little,  but  55 
per  cent  said  that  there  would 
be  virtually  do  change. 

The  proposed  new  regime 
also  allows  employers  to  set  up 
a .scheme  under  which  em- 
ployees can  have  charitable 
donations  of  up  to  £100  a year 
deducted  from  their  pay  and 
receive  tax  relief.  Here,  46  per 
cent  of  respondents  said  that 
they  would  encourage  such 
schemes;  50  per  cent  said  that 
they  would  not. 

Overall,  the  Budget  was  well 
received  by  the  business  com- 
munity. Respondents  were 
asked  to  say  on  a scale  of  one 
to  10  (where  one  equals  "very 
poor " and  10  equals  " excel- 
lent ”)  whether  it  was  good  for 
their  company.  A total  of  85 
per  cent  plumped  for  a figure 
between  four  and  eight.  The 
mean  figure  was  5.51. 

A similar  question  was  asked 
about  whether  it  was  good  for 
the  country.  This  time  87  per 
cent  chose  between  four  and 
eight.  The  mean  was  5.88. 

There  has  been  no  significant 
change  in  attitudes  to  full 
British  membership  of  the 
European  Monclary  System 
since  the  FT-Marplan  poll  last 
asked  a question  about  it  in 
October.  Just  over  60  per  cent 
think  that  Britain  should  join; 
22  per  cent  are  against  and  18 
per  cent  “ don't  know,*' 

Marplan  interviewed  a ran- 
dom sample  of  755  directors 
of  companies  with  a turnover 
of  more  than  £5m.  The  sample 
was  drawn  from  the  Dun  and 
Bradstreet  Market  fact  file 
cards. 


the  lex  column 

A good  idea 
at  the  time 


The  market  stampede  was 
certainly  not  halted  by  the 
Budget.  In  a market  where 
daily  rises  have  become  an 
expectation  and  any  fall  in 
recent  weeks  has  proved  both 
marginal  and  temporary,  the 
habit  of  buying  equities  seems 
like  an  addiction.  When  bank 
shares  rise  10  per  cent  in  a day 
simply  because  nothing  has 
changed,  and  then  repeat  the 
performance,  something  odd  is 
happening.  Some  rises  have 
been  so  steep  on  so  little 
volume  as  to  verge  on  the 
suspicious.  It  is  obvious  that 
jobbers  are  acutely  short  of 
stock  and  it  sometimes  seems 
that  their  customers  know 
which  shares  they  are  most 
short  of. 

Moreover,  the  Chancellor  has 
both  reaffirmed  the  assumption 
of  an  economy  rolling  ahead  on 
cheaper  oil,  and  buttressed  a 
gilt-edged  market  belief  in  a 
progressively  falling  cost  of 
moriev.  The  oil  price  is  rather 
outside  the  Treasury’s  control, 
but  at  least  the  calculations 
which  lead  to  higher  industrial 
earnings  are  reasonably  convinc- 
ing. while  the  oil  stays  cheap. 
And  the  interest  rate  optimism 
seems  to  be  bank-rolled  by 
people,  not  least  in  Washington, 
who  have  more  to  gain  from  a 
lower  dollar  than  Mr  Lawson. 

But  even  if  we  avoid  a 
Mexican  crash  and  a banking 
shock  there  are  still  costs. 
Casualties  in  the  North  Sea  oil 
province  are  already  being 
reported  in  despatches  to  the 
London  equity  market  Tricen- 
trol’s  shares  were  already  yield- 
ing an  improbable  14 J per  cent 
before  its  announcement  that  its 
20  per  cent  stake  in  the 
Amethyst  field  had  turned 
illiquid.  Th  market  as  a whole 
does  not  seem  worried. 


Index  fell  2.9  to  1412.2 


Argyll 

group 


90  - 

MUmVETO 

ET-ACTUM«8 

ALL-SHARE 

INDEX 

nJ  I I LL-1 I 

Sw  oa  Nw  DR  M M 

1985  86 


Argyll 


Like  the  morning  after  the 
night  before,  an  increased  offer 
from  Argyll  for  Distillers  was 
an  inevitable  consequence  of 
the  OFT's  decision  not  to  refer 
the  competing  bid  from  Guin- 
ness. Despite  libations  of  mid- 
night oil.  however,  Argyll’s  new 
offer  came  rather  late  in  the 
morning,  when  an  early  strike 
is  recommended  by  all  the  City 
textbooks.  Underwriting  was 
apparently  more  difficult  than 
it  had  been  earlier  in  the  cam- 
paign. 

Since  the  two  bidders  be- 
twene  them  have  bought  about 


a quarter  of  DCL's  shares  in 
the  market,  comparison  of  the 
two  cash  offers  is  probably  a 
side  issue.  But  it  is  the  only 
point  on  which  Argyll  comes 
out  ahead,  even  now.  Guinness 
shares  have  so  far  escaped  the 
pain  of  additional  underwriting, 
and  the  unimproved  Guinness 
paper  offer  was  still  some  3p 
per  share  ahead  of  Argyll  last 
night. 

That  is  galling  for  Mr  Gul- 
liver, for  it  appears  that 
Guinness  has  been  left  with 
room  to  win  the  day  by  force  if 
it  needs  to.  However  futile, 
Argyll's  final  throw  has  at  any 
rate  not  added  to  the  enor- 
mous costs  of  tbe  enterprise. 
Thanks  to  the  fact  that  in  the 
Argyll  underwriting  package 
failure  comes  cheaper  than  nor- 
mal. the  escalation  in  DCL's 
share  price  has  been  sufficient 
to  wipe  out  the  marginal  cost 
of  today’s  gamble. 

Personal  Equities 

However  laudable  the  Chan- 
cellor’s aim  of  establishing  a 
share-owning  democracy,  the 
Personal  Equity  Plan  is  an  ill- 
considered  means  to  that  end. 
The  idea  of  an  investor  build- 
ing up  a £35,000  portfolio  over 
10  years  through  modest 
monthly  savings  is  superficially 
attractive  and  in  these  markets 
easy  to  believe. 

The  absence  of  tax  relief  on 
the  money  going  in.  gives  Tory 
voters  no  safety  net,  such  as  the 
Loi  Monory  provided,  when  the 
next  bear  market  comes.  And  a 
change  of  UK  government  could 


put  the  plans  in  jeopardy,  even 
if  the  move  to  the  left  in  France  .- 
did  not.  PEP  investors  will  in 
any  case  start  their  shareholding 
career  by  breaking  the  basic 
rules  of  prudent  investment. 

Diversification  of  risk  is  rather 
hard  with  £2.400  a year,  let 
alone  a few  pounds  a month. 
And  even  in  the  post-Big  Bang 
era  of  negotiated  commissions  i 
the  price  of  a bargain  ot  £200 
or  less  must  be  high  in  percent- 
age terms.  The  barest  minimum  i 
for  an  equity  portfolio  is  often  ! 
cited  as  £10.000  to  allow  a 
reasonable  spread  of  shares  and 
not  too  onerous  dealing  costs. 
The  required  authorised  PEP 
manager  will  add  charges  for 
administration  and  investmem 
advice  as  well  as  offering  a field  -- 
dav  to  the  less  scrupulous. 

Mr  Lawson  does  not  want  the 
money  to  go  into  unit  trusts  or 
even  investment  trust  shares 
which,  whatever  their  faults, 
would  answer  some  of  the  prob- 
lems. But  the  investment 
management  firms  are  planning 
almost  exactly  that  through  dis- 
cretionary nooled  funds  when* 
each  investor  owns  a certain 
proportion  of  the  shares.  Indivi- 
dual funds  allowing  the  own**1- 
to  pick  their  own  shares  will  juK‘ 
not  be  efficient 

Exco 

Exco's  search  for  a new  role^ 
in  financial  life,  following  the 
sale  of  Telerate,  is  continuing. 
Morgan  Grenfell  might  havp 
been  the  ideal  destination  for  a 
liquid  dowry  of  £370m,  the 
capital  needs  of  modern  merch- 
ant banks  heing  so  great,  but 
even  if  the  impediment  to  a 
Morgan  merger  remains. -Exrn 
must  eventually  find  a construc- 
tive use  for  its  money.  In  tbe 
current  year,  that  money 
should  improve  Exco’s  earnings 
just  by  sitting  on  sterling 
deposit,  given  the  lower  corpor- 
ate tax  rate  to  which  the  UK 
interest  receipts  will  be  suhiect. 

Exco  has  been  forced  hy  a 
recent  and  still  controversial  tax 
case  to  make  a much  increased 
provision  for  CGT  on  its  Tele;. 
rate  disposal  profit:  at  least  Exco 
and  the  Revenue  are  on  the  same 
side  in  arguing  that  the  decision 
be  reversed.  Exco's  continuing 
activities  are  all  performing 
satisfactorily,  though  that  reaRv 
does  not  count  for  much  in 
settling  the  valuation  or  future 
of  Exco.  A spare  to  watch. 


IFTOUWANT 
THE  WORLD  BUY  IT 
FROM  WARDLEY! 


up  50%  in  the  17  weeks  since  launch" 


‘offer  to  Nd  income  nrrfrp-invcslttt  raktdkti-dim"rp*'rW2t.U.fi5-  (3.3.86 

The  International  Growth  Thist  1 

Back  in  November  19*5.  when  Wardley  decided  r 
to  relaunch  their  lnlernutionai  Growth  TrusL  I 

(formerly  the  Wart  ley  Natural  Itcsoutves 
Thisll  they  did  so  fur  very  good  reasons.  1 


Market  Movements 

Every  year  investors  see  some  markets 
perioral  I'.weplinnaJly  well  and  others  do 
badly.  ( her  the  last  year  the  most  a tin  relive 
has  been  Europe,  whilst  markets  such  as  Hong 
Kong  ami  Singiijiorc  haw  performed  wilh 
much  less  Rain  In  the  long  lemu  one  expect 

cyclical  perfoniMiuv  from  any  market  but  in 
the  short  term  ymi  need  to  check  regu  larlv  that 
younuonty  is  invested  in  the  righturea.  ‘ 

Investment  Policy 

Our  Managers  <i *1  at  h uiii-rcnting a unit  trust 
that  could  mow  a run  ml  the  world  at  wilL  And 
into  any  market.  Ik*  it  rmlriia  r>  shares,  fixed 
interest  securities  or  simply  li.-trd  currency 
This  policy  has  been  piuinln  practice  with 
substantial  gains  after  only  seventeen  weeks.  In 
that  time,  investors  who  placed  £Hnm  with  the 
Wardley  International  I irawlli  Trust  have  seen 
it  grow  to  £1500  net  of  charges!  Of  course,  this 
staggering  growth  cannot  lie  guaranteed  to 
continue  and  tin*  value  of  units  can  go  down  as 
well  os  up.  But  Wardley  is  confidcnl  that  it  will 


continue  to  invest  in  the  right  markets  at  the 
nghl  time  - with  all-out  capital  growth  as  the 
prime  target. 

Wardley  Around  the  World 

Wardley.  with  ilseMens/ve  network  of  on-the- 
snui  researchers  and  investment 


...  ^ ivnift,  inivyu.  i\t*w  lorK. 

.Melbourne  and  Singapore.  Wardlev  offices 
continuously  monitor  and  Invest  iiitheirown 

nS  “ nur  office  in  the 

_ U>  of  London.  I hus.  when  changes  occur  in 


r international  Growth  Thist 
cnrel^uwuii!?  mb}  toeinMtel» 

Wardley ’s  Pedigree 

fuT  ^ a “"‘"^subsidiarv  of  the  • ~ 

Hongkong  and  Shanghai  Banking 
^firpiinfuioa  which  has  over  4fl  (inn  ’ ~ . 


Mi 


A member  of  the  I.'ni  L Trur  t Aji^ocia  ik-TL 


AWorld  of  Experience 

I Hncigknag&uik  gmttf, 


— — ' . . 

Re-jistewd  at  the  Poet  Office.  Pouted  by  St  Clemente  Press  foe  .nri  . *.  • • ^ ~ 

" Reproduction  of  t*e  contents  ol  this  newspaper  m sny  manner  in  not  5ub,lehed  by  rh*  . .'  _ •5~-hifclv 

Bracken  House.  Cannon  Street.  London  EW  4BY.  V ™ Wrn"tMd  witnout  orlor  tonae  *** 

© The  Pinancisi 


-^-1-**  * * „■  . 

. If^adfid.Tiines  Saturday  Mare!!  22  lr<>T> 


* _*iy'^5^|*  r ' **  . ^ 


WEEKEND  FT  I 


Saturday  March  22  1986 


MARKETS  • FINANCB&THE  FAMILY*  PROPERTY- TRAVEL*  MOTORING  • DIVERSIONS  * HOWTO  SPEND  IT*  BOOKS  • ARTS • TV 


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IT  WAS  an  extraordinary  vu.wuer  fnr 
new  issues.  Jame.*.  Turkic  formal  ,■? 
company  u»  cxptoir  hit.  machine-mm* 
a clergymui  set  up  an  ent'.-rpn**-* 
to  import  jacfcafcV:,  frosj  Spain  in 
order  to.prnMSate  a. large  kind  o:  mule 
in  England..  Sir  Richard  Manninshan. 
wanted  to  hremi  silkworms  in  Ciiehra 
P.-rrk.  Companies  won*  launched  for  a 
more  inoffensive  method  of  euintiing 
nw^ary  houses:  To  build  a wl:«***i  fnr 
perpetual  motion:  to  promon-  ” an  uivb-r- 
taking-' which  shall  in  ditv  course  be  re- 
vealed.** And- the  public  lapped  t!i»>n:  up. 

Gullible  it  cnrtainly  was.  bur  not 
uniquely  .so.  The  South  Sea  Bubble  nf 
1T20  was  -an  extreme  example  of  financial 
folly,  and  yet  it  has  parallel-  m much 
more  recent  times.  Consider  thn»  .id- 
vertisejnent  which  appeared  in  1929, 
asking  readers  «f  the  Ww  York  Timc>  :o 
imagine  the  potential  value  oF  a ini-t 
which  had  been  rormed  to  buy  into  water 
companies 

“Picture  this  scene  today.  :f  by  «onn» 
cataclysm  only  one  small  <hoi:!d  re- 
main Ini’  the  breai  city  nr  New  York — SI 
a bucket.  $100.  SI  .000.  SI  000.000.  T!».- 
man  who  owned'  the  well  would  own  tne 
wealth  of  the  city." 

From  time  to  time  through  history, 
encleiics  have  [wen  swept  along  by  a 
kind  of  speculative  mania  In  rh“*>%  eir- 
cum&lancrc.  financial  markets  which  are 
normally  rational  and  efficient  become 
frenzied  and  iinslablt*.  Prims  are  driven 
up  to  imdieamt-of  heights,  and  ,-uher 
individuals  gear  theni'-elves  up  on  .# 
pmuntain  Df  debt  in  order  to  play  the 
stocks. 

Sooner  or  later,  the  hufihle  hurt'.  A 
hank  fails,  a swindle  is  revealed:  for 
whatever  reason,  speculators  reah1-:'  that 
ii.c  lamn  jy  over  and  it  Li  time  to  with- 
draw*. The  upshot  afl  Ion  often  is  a finan 
ri ll  m?h  or.  m the  expressive  German 
T'-’-n  Torschlusspanik  (meaning  dn«r- 
is t -nan ie>.  as  people  cru«Ii  to  gi»t 
itn'ouph  the  door  before  if  slams  »n  fheir 

Tfi's*. 

\r  stock  markets  everrwliere  ««ar  ?n 
n*w*  high  points,  it  herrmies  rele\ant  tn 
famine  the  causes  and  characteristics 
ef  such  financial  booms.  And  in  f;u*  pre- 
«?nd  mood  of  euphoria,  ihe  question  can- 
not be  dodged.  Is  the  financial  world 
heading  for  another  cycle  of  boom — and 
bust? 

More  often  than  nor,  a major  financial 
movement  starts  with  what  econmnist 
Hyman  Minsky  has  called  a “displace- 
ment"— a sharp  shock  to  the  macro- 
economic system  which  changes  expecta- 
tions in  the  markets  about  the  outlook 
for  the  future  profitability*  of  invest, 
menfs.  Examples  would  include  out- 
breaks of  war  and  peace,  or  other 
far-reachinq  political  changes.  The 
Glorious  Revolution  or  1688  gave  nse  to 
a rush  of  company  promotions.  Heaw 
out flows  of  bullion  from  Paris  to  London 
fuelled  The  canal  and  country  bank 
manta  during  file  Reign  of  Terror  in 
1792.  a boom  that  peaked  with  the  guil- 
lotining of  Louis  XVI  early  in  1793. 

Other  displacements  include  the  dis- 
covery of  silver  in  South  America  and 
gold  in  California,  or  the  arrival  of 
cheaper  transport  as  provided  through 
the  Suez  Canal.  The  marked  rise  3nd  fall 
of  energy  costs  between  1973  and  19S6 
have  had  a similar  dramatic  impact  on 
expectations. 

In  response,  investors  seek  to  adapt  to 
the  new  circumstances,  and  after  a time 
demand  presses  up  against  the  supply  of 
the  newly  fashionable  assets.  Prices  rise, 
generating  new  profit  opportunities  and 
attracting  more  investors  to  the  scene. 
As  this  process  builds  on  itself,  a.  boom 
gets  under  way. 

More  often  than  not.  bull  markets 
wear  themselves  out  without  threaten- 
ing to  undermine  the  financial  system. 
But  his  lory  suggests  that  when  the 
speculative  fires  catch  hold  across  a 


The  world  has  a long  history  of  financial  bubbles  that  burst.  Yet,  the  get-rich-quick 
urge  never  dies.  Richard  Lambert  compares  past  excesses  with  today's  boom. 

The  speculation  mania 


r*«n.w  uf  d!ffcrf*ni  asset*  or  market 
i»l. -t cis.  !}ic  iiinsequcpces  can  he  much 

■ *nnrc  M?rmu'-.  !i  is  sinking  how  often 
Jin-  suip.tc!  i»r  past  hoora.s  and  busts  has 

; ii’.'vn  --priMil  across  different  financial 
cvm.-i-s. 

j J'i:*-  V 1 .s:-.sippi  and  South  Sea  hubbies 
uf  IT*'!  -,nu  lT2tl  have  been  called  the 
!i ■.■-*.  S!i:.  !an.|(!>in:i!  crimes  with  ih«-*  wild 

■ :per;i:.*!i<>n  ill  Pan.-,  and  laindon  bein:: 
••1-hi.i.d  n j th»-  Netherlands,  flamhuru 
and  nan  hern  Italy.  The  boom  of  lh«* 
isirly  iX.'rfi*;  was-  wurMn  iile,  being 
f«niru!i  ii  mi  the  sold  discoveries  »n  Cali- 
fo*nt:i  end  Australia,  and  so  was  the 
panic  'if  1S57.  The  Ohio  Life  and  Trust 
"‘T'lnp.tnv  went  down  in  August;  the 
Hank  Act  war  suspended  in  London  three 
mmith-  Liter;  and,  the  followin'.'  month. 
H imhiir.'s  loan  from  Austria  was 
pushed  :hr<iu::h. 

Some  ei'umiMi«t-  lay  great  emnh.i«is  on 
mim-ti'.rj-  policy  at.  the  key  in  lliese  wild 
S\vsn,s  It!  ihi-  lin.'illLTal  eyrie.  If  lifts  l»e?n 
c'  i-nh’iL  tor  n-t  1111*0.  that  the  tl**i*i*.,iin  in 

! IftfT  by  the  New  York  Fed  tn  cut  the  dis- 
encnl  "-.■!■»  pliveii  a central  part  ;ti  the 

i hull  ni.iri.et  tii.<  1 Veil  up  tn  the  vie.it  crash 
nf  ift:*ft  And  :t  is  certainly  Jrtte  lh.il  the 
printing  pn-s-cs  were  spouting  out  cash  in 
Par!t  i-ni  L'lnduii  dunnu  1719. 

Hnwevrr.  cheap  rredtl  is  nnl  hy  itfclf 
eunuch  In  fuel  a roaring  hull  market. 
Economist  t'harles  Kindlcbcrgcr  has 
Argued  persuasively  that  while  shrewd 
monetary  nt. i nave  men  1 miulit  have  mod- 
erated linoms  leading  up  to  busts,  it 
would  not  have  eliminated  them  all. 
There  arc  many  examples,  especially  m 
Britain,  of  3 central  bank  failing  lo 
diuisi*  the  speculative  flames  despite 
pushing  up  interest  rates  well  before 
lh«  bubble  hurst.  When  the  public  has 
got  the  bit  between  its  teeth,  it  does  not 
sociii  tn  care  about  the  cost  of  the 
money  it  i*  throwing  into  the  market, 
and  it  is  endlessly  ingenious  in  finding 
n>.-w  ways  of  streiching  its  credit, 

I'nderstanding  a financial  mania 
requires  not  so  much  a grasp  of  the 
economic  fundamentals  as  of  the  irra- 
tional way  in  which  people  can  behave 
when  they  join  together  in  crowds.  As 
the  banker,  Martin,  put  it  in  1720.  when 
subscribing  to  South  Sea  slock  at  the  top 
nf  the  market:  "When  the  rest  of  the 
world  are  mad,  we  must  imitate  them  in 
some  measure " 

Isaac  Newton  thought  he  knew  better. 
*T  can  calculate  the  motions  of  the 
heavenly  bodies,  bur  not  ihe  madness  of 
people."  he  sniil.  selling  his  stock  in  April 
fnr  a handsome  profit.  But  even  that  most 
rational  nf  beings  was  to  be  swept  away 
in  rhe  general  mood  or  euphoria.  A Tow 
months  later,  he  re-entered  the  market 
at  the  top  and  finished  up  £20.000  poorer. 

The  plain  fact  is  that  as  markets  go 
up.  investors  become  less  careful. 
Caution  turns  to  confidence,  and  confi- 
dence tn  euphoria.  In  the  early  years  of 
the  IS3fls,  Britain's  railway  boom  was 
soundly  based  on  projects  with  a solid 
investment  worth.  After  about  1835,  the 
market  became  a hunting  ground  Tot 
sharks  and  rogues.  The  puhiic  stopped 
buying  shares  for  their  intrinsic  merits, 
and  bought  instead  on  the  assumption  of 
ft  quick  sale  at  a profit. 


* Al  that  point,  the  real  worth  of  the 
underlying  asset  becomes  just  about 
irrelevant.  It  has  been  estimated  that 
the  capitalisation  nf  securities  traded  in 
London  during  the  summer  of  1720  was 
more  than  douhle  the  worth  of  all  the 
properties  in  the  nation,  valued  at  16 
years'  purchase.  Similarly,  hot  invest- 
ment (rusts  in  1929  were  often  valued  at 
more  than  twice  tlicir  underlying  net 
worth. 

Why  don't  speculators  ever  learn?  One 
explanation  is  that  things  always  look 
different  at  the  time.  Recalling  the 
Wall  Street  boom  at  the  beginning  of  the 
present  century.  Alexander  Dana  Noyes 
wrote  that  the  market  “based  its  ideas 
and  conduct  on  the  assumption  that  we 
were  living  in  a New  Era;  that  old  rules 
and  principles  and  precedents  of  finance 
were  obsolete;  that  things  could  safely 
be  done  today  which  had  been  dangerous 
or  impossible  in  the  past."  And  in 
October  of  1929,  Yale  economist  Irving 
Fisher  issued  his  soon-to-be  immortal 
prediction  that  " stock  prices  have 
reached  what  looks  like  a permanently 
high  plateau." 

Financiers  become  public  heroes  on 
the  strength  of  their  apparent  powers  to 
turn  base  metal  into  gold.  The  colossal 
boom  in  the  shares  of  the  Mississippi 
Company  made  John  Law.  the  Scotsman 
who  promoted  the  scheme,  the  most 
sought-after-man  in  France.  His  house 
in  the  Place  Vendome  was  permanently 
besieged  by  people  nf  the  first  quality, 
all  anxious  for  a few  moments  with  the 
great  man.  “Law  is  so  run  after  that 


he  has  no  rest  day  or  night,"  wrote  the 
Regent's  mother.  “ A duchess  kissed  bis 
hands  before  everyone,  and  if  duchesses 
kiss  his  hands,  what  parts  of  him  won't 
(he  other  ladies  salute?" 

As  a financial  mama  reaches  its  peak, 
it  seems  that  the  whole  of  society  gives 
itself  over  to  speculation.  “The  demon 
of  stock  jobbing  is  the  genius  of  this 
place."  Edward  Harley  wrote  from  Lon- 
don in  June  1720.  “ This  fills  all  hearts, 
tongues  and  thoughts,  and  nothing  is  so 
like  Bedlam  as  the  present  humour, 
which  has  seized  all  parties,  Whigs, 
Tories.  Jacobites,  Papists  and  all  sects. 
No  one  is  satisfied  with  even  exhorbitant 
gains,  but  everyone  thirsts  for  more, 
and  all  this  founded  upon  the  maehine- 
of  paper  credit  supported"  by  imagin- 
ation." 

Or.  as  the  writer  Claud  Cockbum. 
reporting  for  The  Times  from  the  US 
in  1929.  was  to  write  later:  “In  New 
York,  you  could  talk  about  Prohibition, 
or  Hemingway,  or  air  conditioning,  or 
music,  or  horses,  but  in  the  end  you  had 
to  talk  about  the  stock  market,  and  that 
was  where  the  conversation  became  • 
serious." 

In  such  a mood  of  willing  gullibility, 
the  public’s  hunger  for  stock  can  come 
to  seem  insatiable.  During  the  specula- 
tive boom  of  the  1850s  in  Austria  and 
Germany,  the  opening  stock  sale  for  the 
Kredit  Anstalt  was  oversubscribed  43 
times;  the  Brunswick  Bank’s  offer  in 
1853  was  1 12  times  oversubscribed 
within  three  hours.  But  supply  even- 
tually rises  to  meet  demand,  and  there 
follows  a rising  flood  of  increasingly 


dubious  new  issues.  According  to  Swift, 
himself  an  early  punter  in  South  Sea 
stock: 

“ Subscribers  here  by  thousands  float, 
And  jostie  one  another  down; 
j Each  paddlinp  in  his  leaky  boat, 

! And  here  they  fish  for  gold,  and  drown." 
! Almost  inevitably  opportunities 
emerge  for  swindlers.  Fraud  grows  with 
prosperity,  for  in  good  times  people  are 
not  inclined  to  double-check  on  expense 
accounts  or  on  the  business  background 
of  plausible  promoters.  Greed  also 
pushes  otherwise  honest  citizens  over 
the  line. 

The  most  celebrated  example  was  the 
collective  looting  of  the  Union  Industrial 
Bank  of  Flint.  Michigan.  This  started  off 
as  a series  of  individual  initiatives,  but 
during  1928  it  gradually  dawned  on  most 
of  the  bank's  senior  officers  that  they 
were  all  “borrowing"  Tunds  to  punt  on 
Wall  Street.  They  ganged  together,  their 
confidence  growing  with  numbers,  but 
after  a promising  start  their  little  enter- 
prise came  to  a sticky  end.  They  went 
short  of  the  market  just  as  prices  started 
to  rocket  ahead  in  the  summer  of  1929. 
And  in  an  attempt  to  recoup  their  posi- 
tion. they  decided  to  go  long  of  stock- 
very  shortly  before  the  crash. 

They  were  by  no  means  alone  in  their 
despair.  As  Walter  Bagehot  once  wrote: 
"Every  great  crisis  reveals  the  excessive 
speculations  of  many  houses  which  no 
one  before  suspected.” 

Like  Swift,  Alexander  Pope  was  also 
at  onetime  an  investor  in  South  Sea 
stock.  He  wrote: 


"it  length  corruption,  like  a general 
flood.  1 

Did  deluge  off,  and  avarice  creeping, 
on. 

Spread,  like  & loir  bom  mist,  and  ted 
the  sun. 

Statesmen  and  patriots  plied  alike  iliC, 
stocks. 

Peeress  and  butler  shared  alike  tftt? 
bar;  ' 

And  judges  jobbed,  and  bishops  hit 
the  town.  ) 

And  mighty  dukes  packed  cards  jo? 
half-a-crotr  n: 

Britain  iras  sunk  in  lucre’s  sordic 
charms 


How  much  of  all  this  i*:  relevant  u 
19S6?  Isn't  ihe  financial  system  a gre.T 
deal  more  sound — or  at  any  rate  mortf 

sophisticated — than  it  was  even  50  year* 
ago?  i 

For  reasons  which  arc  not  entirely 
clear,  it  does  indeed  seem  to  be  the  cas*: 
that  the  character  nf  financial  cristv 
changed  during  the  19th  century.  Fron- 
at  least  1551  10  lRfifi.  such  crises  scemer- 
to  occur  at  intervals  of  roughly  ten  years' 
Thereafter,  at  least  in  the  UK.  they  wen 
fewer  in  number,  and  milder.  After  th; 
traumas  of  1929.  the  same  was  true  e1 
the  US.  A few  mini-manms  tnok  plac( 
during  the  late  IfWOs.  but  nothing  on  tfcf 
scale  of  earlier  days,  : 

Possible  explanations  include  thi 
developing  role  of  central  hanks  a‘ 
lenders  of  last  resort,  and  growing  inter! 
national  co-operation  in  tackling  trans 
national  financial  upheavals.  Anothe: 
suggestion  is  that  the  vastly  increase^ 
weight  or  government  in  gross  natfona 
product  has  tended  to  stabilise  the  pa:, 
played  by  the  private  sector. 

Whatever  the  reason,  it  seems  clea- 
that  there  is  no  comparison  between  Lh? 
present  worldwide  bull  market  and  th? 
great  speculative  bubbles  of  the  past! 
Although  share  prices  represent  what  b? 
past  standards  are  very  high  multiple' 
of  reported  earnings,  profits  and  divi 
■»nd*  are  rising  fast  and  the  finance5 
of  major  corporations  are  soundly  base.!1 

The  public  is  not  carried  away  witf 
speculative  fever.  Most  citizens  have  nn 
geared  themselves  to  the  eveballs  i? 
order  to  buy  securities,  and ‘it  is  sti! 
possible  to  meet  a taxi-driver  who  doe- 
not  want  to  discuss  the  outlook  for  t*v 
Dow  Jones  averages.  Yet.  it  would  N 
unwise  to  conclude  that  financial  manic' 
are  a thing  of  the  past.  Although  don 
estic  crises  may  be  fewer  and  less  intend 
than  they  used_  to  be,  the  same  is  no 
true  of  international  financial  upheaval** 
Foreign  exchange  markets  have  show* 
extraordinary  volatility  in  recent  years 
And  there  is  no  reason  to  suppose  th?: 
investors,  taken  as  a body,  have  becoms 
much  more  rational  than  was  the  case  i? 
1720,  or  1763.  or  1772.  or  1793 — or  ■- 
any  of  the  other  periods  of  boom  am 
bust  littered  across  economic  history.  * 

The  words  of  Bernard  Baruch,  writter 
in  the  depths  of  the  depression  in  1932, 
seem  as  relevant  today  as  ever:  *’  J havr 
always  thought  that  iT.  even  in  the  very 
presence  of  dizzily  rising  prices,  we  har; 
all  continuously  repeated  * two  and  twi 
make  four.'  much  of  the  evil  might  have 
been  averted.  Similarly,  even  in  th<! 
general  moment  of  gloom  in  which  this 
is  written,  when  many  begin  to  wondei 
if  declines  will  never  halt,  the  appro 
priate  abracadabra  may  be  ‘They  alwav! 
did  V 

AUTHOR'S  NOTE:  J hare  dnmm 
hearilu  on  the  work  ol  Charles  Kindle- 
berger:  Manias,  Panics  and  Crashes, 
Macmillan  1978;  A Financial  History 
of  Western  Europe,  Allen  and  Umcin 
1984.  Other  sources  include:  Memoirs, 
of  Extraordinary  Popular  Delusions 
by  Charles  Maekay.  London  1841;  The 
South  Sea  Bubble,  by  Leirfs  Melville, 
London  1921:  and  The  Great  Crash,  by 
J.  K.  Galbraith,  London  1955. 


The  Long  View 


Why  a haircut  should  cost  much  more 


.. 

" 

:> , r' 


- , . ...I** 

•’T,  " ^ 
-?  :*** 

r 

-.Sill 

% rv  l- 


'fy 


"FOR  AS  lnnc  as  1 can  remember 

which  covers- Ihp  era  since  the 
. bfccond  World  War — the  price 
- of  a haircut  in  Switzerland  has 
been  horrifying.  This  does  not 
mean  it  has  gDno  tip  like  other 
prices;  the  Swiss  enjov  ex- 
tremely low  inflation  and  the 
price  in  Swiss  francs  ha*  no 
doubt  moved  only  modestly. 
That  is  of  little  interesL  how- 
ever. to  ft  British  visitor,  for 
the  price  of  Swiss  francs  lifts 
been  rising  steeply  for  nearly 
all  of  that  time.  On  the  other 
hand,  a haircut  in  Italy  or 
France  used  lo  bp  quite  cheap: 
now  it  is  moderately  dear. 

With  no  other  evidence  at  all, 
an  economic  analyst  ought  to  be 
able  to  tell  you  that  Switzerland 
has  a high  per  capita  income 
but  a low  growth  rate,  whereas 
France  and  Italy  used  to  be  low 
income  countries  but  have 
grown  fast  enough  10  catch  up. 

He  would  not,  on  the  other 
hand,  be  able  to  tell  you  any- 
thing very  certain  about  infla- 
tion in  any  of  these  countries. 
He  would  suspect  that  Franco 
and  Italy  bad  relatively  high 
inflation,  but  this  would  have 
nothing  to  do  with  the  cost  to 
a tourist  of  a haircut  or  a room 
for  the  night.  It  would  simply 
reflect  the  fact  that  rapid  eco- 
nomic growth  is  often  (though 
nnt  -always)  associated  with 
relatively  fast  price  increases. 
You  might  draw  the  apparently 
immoral  conclusion  that  price 
inflation  can  be  a sign  of  eco- 
nomic health. 

This  apparently  Satanic  mes- 
sage is  underlined  if  we  look 
at  the  case  of  Japan.  Few  of  us 
have  any  tourist  experience  of 
Japan,  though  our  MbJes-o/- 
liv-ing  costs  for  travelling  execu- 
tives suggest  that  a haircut  in 
Tokyo  might  make  oven  Zurirh 
look  cheap.  What  the  published 
figures  do  show,  though,  is  that 
in-  Japan’s,  -most  miraculous 
gro\vth  period— a time  when  we 


Anthony  Harris 
argues  that  both 
politicians  and 
investors  can 
become  unhealthily 
obsessed  with 
average  prices; 
and  that  inflation 
can  actually  help 
to  solve  problems. 

in  this  country  were  still  calling 
3 per  cent  in  fin  linn  a crisis 
lather  than  a triumph — Japa- 
niM*  retail  prices  wen?  rising 
at  an  annual  rate  of  71  per  cent. 
Japanese  inflation  is  now  much 
iower — but  so  is  Japanese 
growth. 

The  reason  why  Japanese 
prices  rose  so  steeply  is  simple 
enough:  wages  wen-  rising  at 
10-13  per  cent  annually,  and 
productivity  at  only  about  half 
thai  rale.  But  what  these  aver- 
ages conceal  is  that  prodtclivily 
in  the  export  sector— the  real 


Japanese  miracle — rose  just  as 
fast  as  pay. 

Japanese  export  prices  did 
not,  in  fact,  move  by  a single 
percentage  point  over  a period 
of  more  than  a decatlc.  so  that 
Japan  became  steadily  more 
competitive  despite  an  average 
inflation  rate  more  than  double 
that  of  its  compel  hors.  It  was 
what  you  might  call  a barber- 
shop inflation;  economists  would 
call  it  leading-sector  inflation,  or 
adjustment  inflation. 

This  phenomenon  was  noticed 
some  30  vears  aco  by  a Hun- 


•CONTENTS* 


Finance:  the  Chester  family's  budge* 
Property:  development  in  Cyprus 


IV 


XII 


Gardening:  lawn  mowers 


xm 


Diversions:  pilgrimage  to  a Byron  shrine 
How  to  spend  it  in  Hong  Kong 


XIV 

XV 


Books:  Corelli  Barnett’s  Audit  of  Britain 


XVI 


Arts 

Eookn 

Bridgo 

Chess 

Crossword 

D Wore  ions 


XVII 

Finance  & Family 

IV-XI 

Stock  Market* 

II.  Ill 

XVI 

Gardening 

Xlll 

London 

xiv 

How  to  Spend  It 

XV 

New  York 

XII 

Motoring 

xm 

Stockholm 

XVIII 

Property 

XII 

Travel 

XIII 

XIV.  XV 

Sport 

XVII 1 

TV  and  Redio 

.XVIH 

garian-Araorican  economist 
called  Bela  Belassa.  He  showed 
that  the  relative  price  between 
services — the  haircut — and  in- 
ternationally traded  goods  was 
.1  pretty  accurate  index  of  pro- 
ductivity sm d per  capita  income. 
Like  most  good  economic  in- 
sights, this  is  so  obvious  once 
you  think  about  it  that  you  can 
easily  forget  il.  The  labour  that 
t;oes'into  a haircut  is  much  the 
same  in  Tokyo  or  Delhi,  but  the 
labour  that  goes  into  a car  is 
very  different.  So  labour  com- 
mands a higher  wage  in  Tokyo, 
and  up  gees  the  cost  of  a hair^ 
cut. 

I .and  values  and  rents  fol- 
low a similar  pattern.  Rising 
productivity  and  incomes  do  not 
create  more  land;  they  simply 
increase  the  competition  to 
occupy  what  there  is.  Land 
prices  and  rents  tend,  indeed, 
to  be  a geared-up  indicator  of 
prosperity;  as  we  get  richer, 
we  are  able  and  willing  to  de- 
vote a higher  proportion  of  our 
income  to  staking  our  claim  on 
the  most  desirable  living  space 
and  business  premises.  That 
again  raises  the  relative  price 
of  a haircut 

Now.  of  course,  it  is  possible 
for  relative  prices  to  change 
without  inflating  the  general 
price  index  — all  that  is  neces- 
sary is  that  some  prices  should 
be  falling  while  other  rise;  but 
the  kind  of  stringency  needed 
tn  secure  this  result  will  pro- 
bably result  in  a somewhat 
slower  growth  rate.  This  is  why 
economists  used  to  regard  price 
inflation  of  2 per  cent  or  so  as 
no  more  than  a healthy  glow, 
and  Japan  could  live  with  much 
higher  rates  and  prosper. 

Certainly,  the  adjustment  of 
relative  prices  has  a vital  role 
to  play  in  an  economy,  whether 
nr  not  it  raises  the  average  price 
level.  It  is.  in  fact,  the 
mechanism  through  which  the 
productive  achievements  of  one 
sector  of  the  economy  get  dis- 


tributed to  the  other  sprtors. 
This  is  the  function  of  the 
"going  rate"  in  the  labour  mar- 
ket. Workers  a!,  say.  Ley  I and 
got  pay  increases  that  reflect 
some  or  the  quite  striking  gains 
that  have  been  made  there  in 
productivity:  but  as  these  gains 
are  taken  as  an  example  in 
other  less  productive  sectors, 
average  prices  rise.  They  are 
claiming  their  share. 

This  will  be  so  even  iT  Ley- 
land's  own  settlements  are 
strictly  defensible  as  produc- 
tivity deals,  and  result  in  no 
price  increase  there  at  all;  and 
this  is  not  just  theorising,  but 
description.  The  British  pro- 
ductivity catch-up,  which  the 
Chancellor  celebrated  in  his 
speech  on  Tuesday,  is  an  import- 
ant cause  of  the  wage  catch-up 
(and  British  wages  are  stiff  low 
in  European  terms  | which  he 
deplored. 

All  this  suggests  that  both 
politicians  and  investors  can 
become  unhealthily  obsessed 
with  average  prices.  If  the 
right  wing  puts  too  much  stress 
on  workplace  bargaining  or 
other  devices  to  break  up  the 
going  rate,  or  if  a future  left- 
wing  government  tries  price 
controls,  they  can  frustrate  the 
adjustments  which  enable  us 
all  to  share  prosperity.  If  either 
party  tries  too  severe  a financial 
squeeze,  we  may  have  no  en- 
hanced prosperity  to  share. 

What  matters  is  not  so  much 
the  price  level  but  competitive- 
ness, evidenced  through  export 
market  shares;  and  through 
profits,  given  a stable  exchange 
rate.  In  this,  it  seems  to  me 
that  the  market  is  wiser  than 
the  politicians  or  the  commenta- 
tors. Indeed,  to  conclude  what 
some  gloomier  readers  will  re- 
gard as  a fatuously  optimistic 
column  on  a suitable  note.  I 
look  forward  to  the  day  when  a 
haircut  costs  more  than  I used 
to  dream  possible.  The  barber 
will  be  doing  well. 


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II  weekend  ft 


Financial  Times  Sat«*u-. 


An  engaging  week  in 
more  ways  than  one 


.UNLESS  YOU  happen  to  be  a 
heavy  cigarette  smoker  Tues- 
day’s Budget  probably  left  you 
feeling  slightly  more  optimistic 
about  the  future  than  you  were 
the  day  before.  Mr  Lawson 

• pulled  £lbn  of  tax  cuts  out  of 
his  hat  and  spread  them  around 
to  benefit  a broad  range  of  con- 
sumers while  the  Budget  sums 
.point  to  rising  output  and  fall- 

* ing  inflation.  Lower  stamp  duty 
i and  the  introduction  of  personal 

equity  plans  will  do  no  harm 
to  the  small  investor — nor  a 
1 Chancellor  with  a few  more 
privatisations  up  his  sleeve. 

The  whole  package  looks 
positive  for  the  equity  sector. 
The  All-Share  Index  got  its 
skates  on  and  was  well  over  800 
on  Wednesday  and  kept  right  on 
going  for  the  rest  of  the  week. 

] Seasoned  cynics,  however,  are 
suggesting  that  it  was  a certain 
-blue-blooded  engagement  that 
!>  -really  got  the  market  on  its 
toes.  If  so.  take  heed  that  there 
, 'is  only  one  more  prince  to  go. 

I A more  tangible  market  force 
: is  interest  rates,  and  the  banks 
-pulled  back  their  base  rates  by 
ia  full  point  to  Hi  per  cent, 

- with  the  building  societies 
: following  in  bot  pursuit 
. Sterling  shrugged  off  lower 
■ rates  without  a wobble — as 
; well  it  might—and  with  an 
3 obvious  caveat  about  oil  prices, 
j although  it  is  hard  to  imagine 
them  falling  further,  inter- 
j national  investors  should 
Continue  to  be  positive  towards 
-gilts,  which  can  only  be  good 
I'news  for  ordinary  shares. 
i If  inflation  really  can  be 
! pulled  lower  to  Si  per  cent  per- 
r haps  long  term  gilt  yields  could 
be  pushed  down  even  further 
^towards  8 per  cent  to  encour- 
age a continued  rise  in  equities, 
i Yet  that  might  be  asking  a lot 
Low  inflation  is  being  achieved 
lwith  the  clear  support  of  a 
. (relatively)  strong  pound  which 
1- requires  the  backbone  of  high 

* short  term  interest  rates. 

•-  Anyway,  the  Budget  is 

* broadly  favourable  with  con- 
sumer sectors  standing  to  bene- 

ifit.  For  the  first  time  in  years 
| the  drinks  industry  escaped 
; Higher  excise  duties,  consumer 
[spending  should  be  enhanced 

* which  is  solid  news  for  stores 
while  lower  mortgage  rates 
should  be  of  help  to  the 

a builders.  The  financial  sector. 
13'and  in  particular  the  banks. 
J escaped  any  “windfall”  taxes 
it  though  the  carrots  to  individual 
if  savers  are  not  good  news  for 
“life  assurance  companies.  In 
v general  there  should  be  more 
pension  fund  holidays  to  boost 
q)  corporate  profits  on  a broad 
fci  front  — not  a lot  for  the  bears 
to  get  their  teeth  into. 

' Post  Budget  fears  that  there 
might  be  a squeeze  on  defence 
spending  did  undermine  the 
m electronics  sector  on  Wednes- 
13  day.  however,  causing  a 1.8  per 
2 cent  setback;  only  life  assurance 

1 BATS  set 
1 to  make 
I only£1150m 

THE  MARKET  has  been  so  well 
prepared  for  a lacklustre  per- 
ifr  forraance  that  when  BAT  IN- 
DUS  TRIES'  end-of-vear  results 
“ surface  on  Wednesday,  any- 
ix  thing  higher  than  £2,250ra  will 
* come  as  a welcome  surprise, 
a Adverse  exchange  rates 
.3  should  have  erased  £200m  or  so, 
with  the  dollar  alone  eradicat- 
ing £150m.  Currency  problems 
be  have  been  compounded  by  a 
mc  marked  decline  in  profits  with- 
jj  in  both  US  retailing  and  Eagle 
312  Star  Insurance.  But  BAT  spent 
much  of  1985  putting  its  house 
in  order  and  the  problems  are 
unlikely  to  recur  in  1986. 

At  BRITISH  AEROSPACE, 
mo  the  strength  of  orders  for  Tor- 
nado  aircraft  and  consequent 
ion  long  production  run  is  having  a 

100  big  impact  on  manufacturing 
efficiency  in  the  military  air- 

uo  craft  division,  while  the  whole 
UMi  product  range  of  missiles  — 
ft?  Rapier,  in  particular  — is  sel- 

101  ling  well. 


performed  worse,  while  the  A1I- 
Sharc  rose  by  1.1  per  cent.  The 
reaction  is  a rather  overdone 
knee-jerk.  Any  weakness  in 
domestic  spending  on  defence 
equipment  could  be  offset  by 
export  orders  which  are  build- 
ing up  nicely — that  Saudi  Tor- 
nado contract,  for  instance,  is 
like  adding  3 per  cent  real 
spending  to  the  sector  for  the 
next  seven  years. 

One  share  that  small  investors 
might  like  to  think  about  this 
weekend  is  British  Telecom 


London 


where  the  final  call  is  due  early 
nest  month.  The  benefit  of  the 
vouchers  has  been  had  and  for 
the  myriad  of  small  share- 
holders who  control  26  per  cent 
of  the  free  equity,  the  choice 
is  to  pay  another  40p  or  take 
profits  of  over  130p.  Long  term 
Telecom  is  a sound  hold  but 
those  who  were  tempted  by  the 
vouchers  may  now  be  tempted 
by  a very  good  profit. 

On  the  electricals/electronic 
bid  front.  Rank  Organisation’s 
bid  for  the  Granada  Group 
looks  aU  but  defunct.  Rank  put 
its  £753m  offer  on  ice  at  the 
beginning  of  the  week  while 
the  judicial  review  rolled  on 
and  on  Thursday  the  appeal 
court  turned  down  its  attempt 
to  have  the  IBA  block  on  its 
bid  lifted.  The  reasons  for  the 


judgment  will  not  be  given  until 
aext  week  but  Rank’s  shares 
are  already  bouncing  back  in 
the  belief  that  it  will  not  be 
issuing  a large  parcel  of  new 
equity. 

Nevertheless  there  are  a few 
points  to  make.  Rank's  action 
suggests  that  it  has  come  to 
the  conclusion  that  to  maintain 
profits  growth  it  has  to  buy 
cheap  turnover  where  margins 
can  be  improved.  Granada  actu- 
ally never  looked  cheap  but  that 
is  by  the  by  for  the  moment 
The  group  has  substantially  im- 
proved margins  oyer  the  last 
couple  of  years  but  there  is  a 
limit  to  how  much  mare  can  be 
achieved  and  .small  acquisitions 
such  as  the  boating  and  caravan 


The  loss-making  civil  aircraft 
and  space  divisions  are  ex- 
pected to  have  shown  improve- 
ments in  the  second  half  and 
the  City  is  expecting  overall 
profits  of  about  £155m  for  the 
year  to  December  compared 
with  £120 .2m  the  year  before. 
The  results  are  due  on  Tues- 
day. 

David  Stevens  has  hauled 
himself  out  of  one  battle  (with 
Lord  Matthews  for  control  of 
Fleet  Holdings)  only  to  find 
himself  in  an  even  tougher  con- 
test with  Eddie  Shah. 

The  City  expects  profits  of 
£S3m  wien  UNITED  NEWS- 
PAPERS preliminary  results 
are  unveiled  on  Tuesday,  with 
a contribution  of  £1.5m  for  two 
months  of  Fleet. 

Cost-cutting  has  turned 
United’s  regional  newspaper 
division  into  one  of  the  most 
efficient  in  the  country,  but  the 
continued  growth  of  free  news- 
papers has  focused  the  City’s 
attention  on  Express,  where 
economies  and  staving  off  the 
threat  of  Today  are  toe  priori- 
ties. 

The  market  is  more  in- 
terested in  dreaming  up  pos- 
sible suitors  for  WOOLWORTH 
than  in  the  finer  details  of  its 
preliminary  results,  due  on 
Wednesday. 


INTEREST  RATES:  WHAT  YOU  GET  FOR  YOUR  MONEY 


MARKET  HIGHLIGHTS  OF  THE  WEEK 


interests  of  English  China  arc 
not  chunky  enough  to  make 
much  impression.  Rank  will 
probably  go  in  search  of  an- 
other target — let  us  hope  it 
shows  more  finesse  next  time, 
it  should  have  seen  the  IBA 
problem  in  advance. 

One  of  the  best  performing 
shares  of  the  past  month  has 
undoubtedly  been  S & W Beris- 
ford.  outperforming  the  market 
by  something  like  30  per  cent. 
The  reason  is  simple,  toe  mar- 
ket widely  anticipates  a bid 
from  Italian  Femizzi. 

Monday’s  purchase,  at  prices 
of  around  225p.  of  a 9 per  cent 
stake  by  Barclays  Bank,  acting 
for  the  Italians,  is  mildly  sur- 
prising given  that  earlier  talks 
had  appeared  to  suggest  around 
180p  for  a bid.  But  at  least  it 
indicates  some  serious  intent 
although  whether  an  outright 
bid  could  get  past  the  massed 
defences  (potentially  at  least) 
of  the  OFT.  EEC  and  NFU  is 
more  questionable. 

Ferruzzi  is  after  British 
Sugar.  The  idea  is  that  the  rest 
of  Berisford  will  be  sold  back 
to  its  management.  The  parts 
of  that  package  are  variable  in 
quality  though  there  are  some 
easily  disposable  assets  such  as 
the  RHM  stake  and  some  pro- 
perties. 

If  toe  Italians  make  their 
move.  Tate  & Lyle,  holding  8.2 
per  cent  of  the  shares,  seems 
odds-on  to  enter  the  fray  to 
protect  its  own  interests.  Two 
rival  bids  for  Berisford  could 
see  the  whole  shooting  match 
pushed  over  to  the  Monopolies 
Commission.  Then  there  is 
Hillsdown,  ‘ which  has  built  up 
a 10,4  per  cent  holding.  What 
parts  of  Berisford  Hillsdown  is 
interested  in  is  anybody’s  guess 
although  if  Ferruzzi  does  not 
bid  the  rapidly  growing  Hills- 
down might  throw  in  an  offer — 
but  it  will  not  be  a generous 
one. 

Dee  Corporation,  past  master 
of  tiie  bid  scene,  managed  to 
surprise  the  market  with  a 
£278m  purchase  of  Herman’s 
Sporting  Goods,  a specialist 
chain  said  to  be  the  largest  of 
its  type  in  the  highly  frag- 
mented North  American  market. 
London  had  anticipated  a bid 
on  this  side  of  the  Atlantic 
although  the  Herman’s  deal  is 
structured  in  a way  that  leaves 
Dee  able  to  pounce  quickly  in 
the  UK  if  it  wished. 

Unlike  many  of  its  UK  acqui- 
sitions Herman’s  is  a well  run 
business  which  Dee  will  run 
“hands  off.”  What  the  UK 
group  can  bring  to  the  party  is 
more  financial  commitment  to 
beef  up  the  opening  pro- 
gramme. In  a disjointed,  but 
growing  market  Dee  obviously 
thinks  it  has  a winner  despite 
an  apparently  hefty  purchase 
price  of  25  times  historic  earn- 
ings. 

Terry  Garrett 


Nevertheless,  analysts  expect 
£78m  (not  including  property 
profits)  compared  with  £56 .8m 
last  year. 

Progress  at  toe  major  chains 
will  be  uneven,  with  B and  Q 
held  back  by  expansion  costs 
and  a more  difficult  DIY  mar- 
ket; and  Comet  losing  market 

Results  due 
next  week 

share  as  its  trading  format  looks 
increasingly  tired. 

Meanwhile,  the  F.  W.  Wool- 
worth  chain  itself  should  have 
bad  an  excellent  Christmas, 
with  improvements  in  efficiency 
resulting  in  an  encouraging 
growth  of  margins. 

When  LUCAS  INDUSTRIES 
reports  its  interims  on  Wednes- 
day the  market  will  be  expect- 
ing £25m,  an  increase  of  £10m 
over  the  first  half  of  last  year. 
In  addition,  there  should  be 
£10m  pretax  benefit  from  the 
pension  fund  holiday.  With 
£20m  to  come  for  the  year  from 
the  holiday,  interim  forecasts 
are  based  on  the  money  being 
taken  in  two  equal  chunks. 

Analysts  will  be  looking  for 
signs  that  the  restructuring  at 


Price 
y' ‘day 

a 91.24 

1.412.2 

825 

.)  231 

332  • 

273 

Stores  234 


FT  Govt.  Sec.  Index 
FT  Ordinary  Index 

Bass 

Berisford  (S.  & W.) 

CRA 

Charter  Cons. 

Combined  English  St 

DBG 

Distillers 

Legal  St  General 
Marks  & Spencer 

NatWegt  Bank 

Pleasurama 

Rentokil 

RTZ 

St  Ives 

Tarmac 

Tom  kin  so  ns 

Trtcentrol 

Ultramar 


Benefits 
from  the 
Budget 

Chancellor  Nigel  Lawson  had  no 
i specific  messages  for  toe  USM 
l on  Tuesday,  but  some  of  toe 
wider  measures  he  outlined 
1 seem  likely  to  benefit  the  junior 
market  The  USM  index  re- 
flected toe  main  market’s  warm 
reception  with  another  record 
high  of  129.57  the  following  day. 

One  Budget  measure  which 
could  have  a direct  effect  on  toe 
USM  is  toe  proposal  to  trans- 
form capital  transfer  tax  into  an 
inheritance  tax.  A large  propor- 
tion of  companies  on  the  USM 
are  family  companies.  At  pre- 
sent. such  businesses  face  con- 
straints on  toe  extent  to  which 
they  can  transfer  assets  from 
one  member  of  the  family  to 
I another.  The  proposed  change 
i will  make  it  easier  for  company 
founders  to  pass  on  their  assets 
! to  their  successors;  and  because 
this  is  likely  to  ease  such  com- 
panies' access  to  thp  USM.  it 
could  produce  a small  increase 
in  the  number  of  new  entrants. 

The  personal  equity  plan 
giving  tax  relief  on  equitv  in- 
vestments applies  to  toe  USM  as 
well  as  the  main  market.  The 
attractions  of  toe  scheme  He 
more  in  the  mmort unitv  for 
relief  on  capital  eains  than  on 
income,  and  the  URlkTs  orienta- 
tion towards  caoital  erowth 
rathe*-  than  pav-ouN  /*ou!d  nnke 
investments  in  this  market 
particularly  attractive  under  the 
schprae. 

The  reduction  in  income  tax 
will  bring  companies  a small 
benefit  in  cash  flow  terms  bv 
reducing  their  ACT  payments. 
For  companies  not  making 
enough  profits  to  recover  their 


Lucas  Electrical  is  bearing 
fruit.  Heavy  trading  losses 
were  made  by  this  unit  last  year, 
plus  sizeable  provisions  for  re- 
organisation costs. 

Elsewhere,  the  news  should 
be  good.  UK  and  European 
automotive  activities  are  im- 
proving; toe  new  US  plant 
should  be  heading  towards 
break  even;  and  aerospace 
equipment  sales  seem  likely  to 
continue  the  strong  growth 
trend  apparent  in  toe  year  to 
July  1985. 

On  Tuesday,  PRUDENTIAL 
CORPORATION  announces  its 
results  for  1985.  As  Britain’s 
largest  life  assurance  group, 
earnings  from  its  life  and  pen- 
sions operations  will  provide 
the  bulk  of  overall  profits  and 
toe  market  is  expecting  these 
to  be  little  different  in  sterling 
terms  from  last  year,  at  £126m. 

Overseas  life  profits  will  be 
adversely  affected  by  currency 
movements;  and  in  the  UK  last 
year’s  fgure  was  boosted  by  a 
special  bonus  declaration. 

However,  toe  Pru  is  also  a 
major  non-life  insurance  com- 
pany and  has  a substantial  re- 
insurance operation  through  its 
subsidiary,  Mercantile  and 
General.  Its  non-life  results 
were'  so  poor  in  1984  that  it 
is  highly  likely  1985  will  show 


w Quoted 

n rte% 

S CLEARING  BANK* 

Deposit  account  5.75 

High  interest  cheque  &25 

JM  3-mouth  term 7.625 

z>  BUILDING  SOCIETYt 

fi  Ordinary  share  6.00 

17  High  interest  access  7.75 

S High  interest  access  8,00 

•£  High  interest  access  8.25 

m High  Interest  access  8.50 

. 90  day 8.50 

131  1 Premium  8.42 

m 

® NATIONAL  SAVINGS 

02  . Investment  account 11.50 

: Income  bonds  12.00 

• 3lst  issued  : 7 .85 

2 * Yearly  plan  8.19 

^ General  extension  8.52 

54*  

S MONEY  MARKET  ACCOUNTS 
19  Money  Market  Trust  9.17 

5 Schroder  Wagg 8.22 

6 Provincial  Trust  8,97 

51*  

S BRITISH  GOVERNMENT  STOCKS^ 

as*  7.75%  Treasury  1985-88  9.65 

s 10%  Treasury  1990  9.39 

% . 10,25%  Exchequer  1995  9.34 

30*  3%  Treasury  1987  8.36 

£ 3%  Treasury  1989  7.94 

ub  Index-linked  199011  8.47 


Compounded  return 
for  taxpayers  at 
30%  45%  60% 


4.60  M7 
6-69  4J36 

6.17  4.49 


7.40  6.17  4-95 

6.53  5.01  3.50 

6.47  4.94  3.42 

7.55  7.06  6.56 

7.08  6.57  6-07 

8.00  7.77  7M 


Frequency  of  Tax 

payment  (see  notes) 


monthly  1 

quarterly  1 

quarterly  1 


half  yearly 

yearly 

yearly 

yearly 

yearly 

half  yearly 
quarterly 


yearly 
monthly 
not  applicable 
not  applicable 
yearly 


half  yearly 

monthly 

monthly 


half  yearly 
half  yearly 
half  yearly 
half  yearly 
half  yearly 
half  yearly 


Amount 

invested 

£ 


Withdrawals 

(days) 


2,500  minimum 
2,500-25,000 


1-250,000 

500  iwlniimini 

2.000  minimum 

5.000  minimum 

10.000  minimum 

500  mtnlnrnTn 
10,000  minimum 


5-50,000 

2,000-50,000 

25-5.000 

20-200/month 


2,500  minimum 
2,500  minimum 
1,000  minimum 


•Lloyds  Bank.  + Halifax.  $Held  for  five  years.  $ Source:  Phillips  and  Drew,  li  Assumes  4 AZSkJ?!? 

deduction  of  composite  rate  tax,  credited  as  net  of  basic  rate  tax.  2 Paid  gross-  3 Tax  free.  4 Dividends  paid  after  deduction  of 


Change  1985/86  1985/56 
on  week  High  Low 

+ 2.67  91.24  78.02 

+ 51-5  1,415.1  911.0 

+ 110  825  472 

+30  231  132 

+32  392  238 

+35  273  185 

+43  236  89 

+40  308  151 

+56  685  370 

-50  839  548 

+ 18  216  115 

+94  935  568 

+37  391  183 

-26  179  124 

+125  760  507 

+ 125  815  343 

+ 62  486  226 

+45  183  56 

-14  260  91 

-25  250  165 


78.02  Budget/interest  rate  considerations 

911.0  Post-budget  enthusiasm 

472  Absence  of  excise  duty  increases 

132  Awaiting  bid  developments 

238  Rumoured  deal  with  BHP 

185  Vague  talk  of  stake  build-up  ~ 

89  Annual  results  expected  Tuesday 

151  Bumper  full-year  figures 

270  Increased  aid  final  offer  from  Argyll 

548  PEP  competition  fears/poor  results  ~ 

115  Consumer  spending  hopes 

568  Sector  re-rating  after  budget  ~ 

183  Tyne  Tees  TV  stake  sold 

124  Mon.  Comm,  probe  pest  control  Industry 

507  Rumoured  deal  with  BHP 

143  Expansion  moves 

226  Cheaper  money  trend 

56  Favourable  Press  comment  

"gi  Prelims!  due  Wed./div.  cut  fears 

[65  Broker  downgrades  profits  forecast- 


COMPANY  NEWS  SUMMARY 

TAKE-OVER  BIDS  AND  MERGERS 

Value  of  Price  Value 

Company  bid  per  Market  before  of  bid 

bid  for  share**  price**  bid  £m  s 

Prices  in  penes  unless  otherwise  indicated. 


Aaronite  Gronp  60]|||  63 

A.  C.  Cars  95*  160 

Bnsfa  Radio  151  14S 

Campari  latl  49*§  51 

Clive  Discount  50*  50 

Ctry  Gentlemans  890 § 775 

Cope  Allman  360t  345 

Dew  (George)  95  93 

Distillers  68655  677 

Distillers  68935  677 

Dixon  (David)  395  371 

First  Castle  Elecfl  200  192 

Gomxne  Holdings  87*  87 

Gronp  Lotnsf  1291*  127 

Haslemere  Estates  640*  § 635 


ACT  the  benefit  will  be  an 
actual  reduction  in  tax  payable; 
broker  Hoare  Govett  calculates 
that  up  to  10  per  cent  of  USM 
companies  fall  into  this 
category. 

The  reduction  of  stamp  duty 
on  share  purchases  was 
welcomed  by  the  market  but  its 
extension  to  takeovers  was  not. 
However,  the  buoyancy  of  take- 
over activity  on  toe  USM,  as  on 
the  main  market,  is  such  that 
the  move  is  unlikely  to  prove  a 
powerful  deterrent. 

The  interest  rate  cut  which 
followed  in  the  wake  of  the 
Budget  was  another  welcome 
factor.  The  effect  on  the  USM 
will  be  to  add  a total  of  about 
£2. 8m  to  toe  profits  of  British 
companies.  producing  an 

USM 

UNLISTED  SECURITIES 

MARKET 


average  of  £80,000  a company. 
This  will,  of  course,  be  unevenly 
distributed  according  to  each 
company's  borrowings. 

■ If  toe  news  for  toe  USM  as 
a whole  has  been,  good  this 
week,  sd  have  toe  results  of 
individual  companies.  Central 
Independent  Television  and 
Wickes,  two  giants  of  the  junior 
market,  both  produced  pleasing 
figures. 

Central  made  a better-than- 
expected  £11.9m  for  1985 
against  £10m  the  year  before, 
and  its  shares  responded  with 
a 20p  rise  to  260p.  It  also 
announced  its  intention  to  move 
to  the  maip  market 

Centra]  has  long  looked  a 
little  large  for  the  USM  but  has 
been  prevented  from  moving  to 
the  main  market  by  the  lack  of 
a five-year  trading  record.  Even 
now,  it  has  notched  up  only  four 
years:  but  the  Stock  Exchange 
ran  be  flexible  over  transfers  if 
it  is  persuaded  that  a company 
is  ready  for  the  big  league. 

One  important  feature  of  the 
move  will  be  the  enfranchise- 


an  improvement,  in  spite  of  the 
poor  weather  in  toe  UK  last 
year  and  problems  in  toe  UK 
motor  insurance. 

In  what  looks  to  be  the 
busiest  reporting  week  of  the 
year,  among  the  major  com- 


ment of  Central’s  non-voting 
shares.  At  present.  72.5  per  cent 
of  these  are  in  toe.  hands  of 
four  big  shareholders — Lad- 
broke,  Sears,  D.  C.  Thomson, 
and  Robert  Maxwell’s  BPCC  and 
Pergamon— and  the  narrowness 
of  the  market  in  the  shares, 
their  lack  of  voting  rights,  and 
their  USM  status,  have  not  made 
them  popular. 

Enfranchisement  and  a main 
market  listing  will  ease  the  situ- 
ation and  could  also  encourage 
a divestment  by  one  of  the 
major  shareholders.  The  prime 
candidate  is  Mr  Maxwell,  whose 
direct  broadcasting  interests 
have  been  cited  as  presenting 
a potential  conflict  of  interest, 
but  he  has  thus  far  shown  no 
indication  of  a desire  to  quit  the 
board. 

After  Ladbroke’s  proposed 
acquisition  of  Home  Charm  and 
Ward  White's  buy-out  of  Pay- 
less, Wickes  can  (and  does) 
claim  to  be  Britain's  only 
quoted  DIY  retailer.  Until 
Thursday,  however,  the  boast 
had  done  little  for  its  shares: 
even  after  beating  its  January 
flotation  forecast  of  £3.6m  with 
profits  of  £3.27m,  they  managed 
only  a lp  rise  to  150p.  With 
at  least  £6m  in  sight  for  the 
present  year,  the  prospective 
p/e  ratio  of  13  was  way  below 
the  sector  average  of  nearly  18. 

The  market's  lack  of  enthu- 
siasm for  Wickes  seemed 
partly  to  rest  on  the  notion  ’ 
that  in  spite  of  the  soundness 
of  the  management  spectacular 
growth  was  unlikely  beyond  the 
present  year  in  such  a competi- 
tive sector.  There  is  also  a 
degree  of  irritation  over  the 
lack  of  liquidity  in  toe  shares, 
with  the  US  parent  showing 
no  signs  of  relinquishing  any 
part  of  its  85  per  cent  holding. 

By  yesterday,  however,  the 
shares  were  finding  friends, 
rising  16p  to  175p  by  noon;  but 
the  very  narrowness  of  the  mar- 
ket must  have  contributed  to 
the  size  of  the  jump. 

Richard  Tomkins 


panics  announcing  results  are 
Steetley.  Freemans  and  IMI  on 
Monday;  Standard  Chartered 
Bank  on  Tuesday;  BICC  and 
Babcock  International  on  Wed- 
nesday; and  Croda  International 
on  Thursday. 


Home  Charm  367 

Imperial  Group  336; 

Imperial  Gronp  3281 

Inn  Leisure!  109 

Kenning  Motor  192  J 

Macarthy’s  Phar  275 1 

Martonair  Inti  653 

McCorqnodale  215 

MCD  217  j 

Newman  Tonks  151; 

Promotions  House  29j 

Ray beck  47 

Shaw  Carpets  25 

Somportex  28J4 

Sonesson  190* 

Spencer  Clark  140* 

Staffs  Potteries  113 

Staffs  Potts  Pref  282 

UKO  Intel  2525 

Utd  Com  & Tech  110* 


33653  344 

32835  344 


275*5  358 


ra  60  3.15  Morcean  Holdings 

Tfin  85  1.90  Mr  W.  West 

US  155  145  PrestwichHidgs 

45  4.21  Mr  A.  NonUn 

50  47  11.95  Bache  Group 

775  775  4.79  Bestwood 

345  282  S1-2S  Hawley  Group 

03  92  7.6  Brenmer 

677  510  2.491bn  Argyll  Group 

677  627  2.50bn  Guinness  1 

371  3251+  7.18  Gelfer  (A.  J.) 

192  111  51.8  Morgan  Crucible 

37  59  11-22  Mi  II  mine 

127  120tf  22.74  GMLG  ; 

635  505  188.62  Rodamco  Prop 

353  333  157.10  Ladbroke 

344  291  2.54bn  Hanson  Trust 

344  291  2.48bn  Utd  Biscuits 

136  116  28.76  Devenlsh 

192  173  81-18  Tozer  Kemsley 

358  257  36.22  Jadelle 

625  525  84JJ7  gn 

227  210  110.19  Norton  Opax 

204  198  38.0  Crmvther(JV) 

141  96  47.35  McKechnie  Bros  | 

30$  23  7.4  WPPGroup 

44  44  17.43  LegJbns687 

28  29  4-5  Lamont  HI  dps  ( 

168  27  0.79  Messrs  N.  Wray  & 

C.  Mattock 

£171  £13*1+  3.23bn  Fermenta 

166  131  7.03  Williams  HIdgs 

118  1221+  6.35  Coloroll 

265  255Jt  4.53  ColoroM 

250  182  35.41  Snte- 

125  70  2.75  Harvard  Secs 

125  105  3.19  Park  Place 

243  170ft  11.38  Robinson  (Thos)  1 

265  248  8.25  Coopervision  \ 

34  20  1.67  Wyndham  Group  1 

350  255  9.26  Crowther  ( J.)  i 


Year 

Pre-tax  profit 

Earnings’ 

Dividends'* 

to 

(£000) 

per  share  (p) 

Dec 

2.220 

IL250) 



(— ) 

9.75 

(4.88) 

Decf 

2,700  (131,000)  L 1.9 

(— ) 

— 

(— ) 

Jan 

7.500 

(3.900) 

— 

(— ) 

1.0 

(Iff) 

Dec 

1,620 

(810) 

— 

(— > 

7.0 

(4.3) 

Dec 

1.180 

(434  >L  12.4 

(—1 

7.5 

(6.6) 

Dec 

11,740 

(9.468) 

S.3 

(7.0) 

325 

(2.85) 

Dec 

730,900  (688,100) 

37.4 

(33.8) 

13.0 

(11.5) 

Nov 

119 

(&15)L 

0.7 

(— > 

Off 

(0.5) 

Announce- 

Compiny  mont 

• due 

FINAL  DIVIDENDS 

Amari  Thursday 

American  Trust  Tuesday 

Aquascutum  Tuesday 

Associated  Book  Publishers  Wednesday 

Associated  Steel  Distributors  Monday 

Babcock  International Wednesday 

Borrow  Hepburn Monday 

B.A  T.  Industries  Wednesday 

BICC  Wednesday 

Booker  McConnell  Tuesday 

Breedon  end  Cloud  Hill  Lima  Works  ...  Thursday 

Brant  Chemlcala  Monday 

Bridon  Wednesday 

Britannic  Assurance  Wednesday 

British  Aerospace  Tuesday 

Brown  Bovari  Kent  (Holdings)  Wednesday 

Clifford's  Dairies  Tuesday 

Combined  English  Stoisa  Tuesday 

Com  cap  Tuesday 

Croda  International  Thursday 

Crowther.  John  Tuesday 

Derwent  Valley  Holdings Thursday 

Early's  of  Witney  Monday 

ESC  Tuosday 

Estates  and  General  Inveetmenta Tuesday 

Eucalyptus  Pulp  Mills  Tuesday 

Freemans  Monday 

Garton  Engineering  Monday 

Gibbs  and  Dandy  Wednesday 

Goal  Petroleum  Tuesday 

Grampian  Holdings  Monday 

Hall  Engineering  Monday 

HB  Electronic  Components Tuesday 

Hickaon  International  Monday 

Horizon  Travel  Wednesday 

House  of  Lerasa  Thursday 

Iceland  Frozen  Foods  - Tuesday 

IMI Monday 

Jacobs,  John  I ..  Thursday 

Johnson  Group  Cleaners  Tuesday 

Lamont  Holdings  Monday 

L.A.S.M.O Tuesday 

Lowe  Howard-Splnk  and  Ball Wednesday 

Menders  (Holdings!  Thursday 

Martin  Currie  Pacific  Trust  Thursday 

Matthew*.  Bernard Wednesday 

Metal  Cla  suras  Wednesday 

Monument  Oil  and  Gas  Wednesday 

Palma  Group  Monday 

Pet  renal  Monday 

Prudential  Corporation  Tuesday 

Roadymix  Wednesday 

Rock  ware  Tuesday 

Rotork  Wednesday 

Sovereipn  Oil  and  Gas  Monday 

Spring  Rsm  Corporation  Monday 

Stag  Furniture  Wednesday 

Standard  Chartered  Tuesday 

Steel  Burrill  Jonas  Wednesday 

Staetlay  Monday 

Sunbeam  Walsey  Tuesday 

Suora  Wednesday 

Technical  Component  Industries  Monday 


Dividend  (p)“ 

Last  year  TJu#  year 
let.  ..Final  Ini. 


Utd  Com  & Techf  1274  § 125  105  3.19  Park  Place 

Wadkinf  237  243  170tt  11.38  Robinson  (Thos)  ' 

Watson  (R.  Klvn)  275*  265  248  8.25  Coopervision  \ 

Williams  (I.)  29§  34  20  1.67  Wyndham  Gronp  < 

W.W.  Group  375  350  255  9.26  Crowther  (J.)  > 

* All  cash  offer,  f Cash  alternative,  t Partial  bid.  § For  capital 
not  already  held.  U Unconditional.  **  Based  on  March  21  1986. 
tf  At  suspension.  §§  Shares  and  cash.  M Related  to  NAV  to  be  1 
determined.  ] III  Loan  stock.  « Suspended.  i[  Swedish  kroner. 


PRELIMINARY  RESULTS 


Company 

Ali da  HIdgs 
Ansbacher,  H. 
Auto  Products 
Banrolnd 
Beatson  Clark 
Boddlngtons 
Britoil 
Bronx  Eng 
Cambridge  Elec 
Central  TV 
Cfanrch  & Co. 
Clarke,  T. 

Clyde  Pet 
Cons  (Ctnp  & Fn) 
Counter  Mkt  Prod 
Davidson  Pearce 
Davies  & Metcalfe 
DRG 

Expamet  Inti 
Greenfields  HIdgs 
namiyn  Milling 
Hep  Ceramic 
Hunter 

lovergcrdon  DIst 
Jones  & Shipman’ 
Jonrdan,  T. 

Todc  Inti 
Lalng  Prop 
Legal  & Gen! 
liorlin  Elec 
Mackay,  Hugh 
■^etalrax 
Morgan  Grenfell 
Norank  Systems 
Octopus  Pnb 
’’oarson 
Plttard 
Rentokil 
[lyan  Into] 

Sale  Tilney 
Schraders 
Hharpe  & Fisher 
Sintrom 

Smith  & Nephew 
Stockley 
Super drug 

Sntcr 

Triroer  & Neu all 
Wafmonghs 
Wickes 
WUUs  Faber 
WW 


10.630  (12.010)  15.7 
11,860  (10,050  ) 26.3 
4.390  (4,720)  — 

608  (S86)  — 

8.550  (12.310)  — 

971  (90 1 L — 

1,010  (430)  6.8 

2260  (1.700)  92 

286L  (335)  — 

31200  (26.0001  — 

4.350  (3200)  12.6 

237  (182)  — 

355  (278)  — 

33.540  (35230)  122 
1.050  (660)  — 

4.550  (4.130)  15.7 

2.120  tl.060)  152 

894  (1.040)  — 

1.350  (837)  1S.8 

31.500  (48,100)  29.3 

15.500  (13200)  — 

P2R  (812>  11.4 
521  (659  ) 72 

3.550  (3060)  6.6 

54.500  (3S.S00)  — 

404  (191)  7.8 

20.360  0 3.483)  23.1 
109200  (99,400)  30.0 
2.670  *2210)  16.0 

26.040  (24.750)  7.8 

2.727  <!4)L  — 


7.45  (7.0) 

12.5  (10.5) 

5.5  (7.5) 

221  (221) 
12  (1.5) 

0.55  (0.15) 
0.44  (— ) 

1.5  (— ) 
- (-) 
825  (7.5) 


4.75  (425) 
3.85  (2.75) 

5.0  (10.0) 
725  (6.3) 

24.5  (21.5) 

7.0  (625) 

2.5  (1.5) 

4.6  (4.6) 
2.45  (2.06) 

12.0  (82) 

— (— > 

B.75  (5.4) 
10.0  (82) 
3.72  (32) 
2.44  (2.13) 


4,100 

(3.100) 

17.0 

(15.8) 

6.5 

(4.67) 

29.200 

(15.130) 

83.4 

(71.0) 

21.5 

(ISff) 

2,160 

(2200) 

— 

(— ) 

2.33 

(225) 

1.250 

(1.030) 

Si) 

(7.4) 

2.2 

(—1 

70.600 

(55,500) 

11.8 

(9J5) 

4.65 

(3.70) 

3,760 

(88) 

1.4 

(0.1) 

__ 

(— ) 

10230 

(S.740) 

16.9 

(13.3) 

5.0 

(4.2) 

O.Ran 

(•!  1.10) 

13  Si 

(Q.Ai 

d_2 

(3.5) 

39.600 

(27,500) 

25.7 

(17.6) 

5.0 

(2.5) 

2 .-J 0 

f*»  I'M) 

183 

(21.31 

6.5 

(625) 

3.720 

(2,175) 

9.0 

(6.8) 

( — ) 

pH  710 

40.1 

(2921 

8.73 

(6.51 

1.550 

(1230) 

— 

(— ) 

7.94 

(7.94) 

INTERIM  STATEMENTS 


Half-year 

to 


2.1  2A  2.4 


0.72727  1.13836  0.8 


Company  to 

A&G  See  Elec  Jao 

Armstrong  Equip  Dec 
Barratt  Dev  Dec 

Blanchards  Dec 

BM  Dec 

Browns,  Charlie  Jan 

Chmbrs  A Fargus  Dec 
Dnaton  Group  Nov 

Gent.  S.  9.  Dec 

Goodman  Bros  Oct 

HTV  Jan 

Logica  Dec 

LWT  Jan 

MAI  Dec 

Mayhew  Foods  Nov 

Pacific  Sales  Dec 

Park  Place  Dec 

Paterson  Zoch  Der 

Pennine  Res  Sepi 

Prestwich  HIdgs  Dec 

Renlshaw  Dec 

Sand  Hrry  Elder  Dec 

Scboles,  G.  H.  "Her 

Sheldon  Jones  Nor 

Sirdar  Jan 

Strong  & Fisher  De- 

Tay  Homes  Dec 

Thorpe.  F.  W.  Dec 

TSWTVSth  West  Jan 

wuher.T.  Dec 

West  & Country  Oct 


Pre-tax  profit 
(£000) 


Interim  dividends* 
per  share  (p) 


301 

3.310 

7,520 

405 

1.030 

317 

51 

172 

22 

153L 
4240 
1.680 
6430 
1G.240 
513 
526 
1,510 
20.870 
90 
S13 
2210 
66 
2.-*50 
254 
5.970 
2 170 
324 
5?2 
i.ftfn 
96 
171 


(405) 
(1.510) 
(4,100) 
(243) 
(480) 
(189) 
(70)  L 
(78 1 
(901) 
(25) 
(3.930) 
(1,150) 
(5,430) 
(12.6801 
(616) 
(533) 
(1250) 

(17.5201 
*25)  L 
(424) 
(1,920) 
(53) 

(2  220i 

(265) 

(4830) 

(l.r*sni 

(185) 

(450) 

r<W4i 

(102) 

(163) 


United  Newspapers 
VG  Instruments  


Woolworth  Holdings 


INTERIM  DIVIDENDS 
British  Car  Auctions  


Flaming  Jaoeneaa  Inv.  Trust 


Halstead.  Jamas 
Lucas  Industries  .. 
Magnetic  Materials 


Monday 

— 

— 

— 

Tuesday 

0.875 

1.78333 

1. 65567 

Tuesday 

3.7504 

4.G88 

*.25 

Tuesday 

5.5 

9.0 

6.0 

Wednesday 

0.6 

1.2 

07 

...  Wednesday 

— 

— 

0.75 

...  Tuesday 

2.5 

525 

2.5 

. . Wednesday 

1.75 

8.0 

3.0 

Wednesday 

134 

1.8 

1.M 

, , Tuesday 

1.25 

2.0 

...  Tuaadav 

1.1 

2.2 

Tuesday 

2.625 

4.75 

Monday 

0.5 

3.5 

Monday 

T 768 

5.151 

Monday 

Iff 

2.5 

Wednesday 

2.0 

8.4 

...  Monday 

n 

— 

Tuesday 

0.05 

n 875 

...  Wednesday 

2.25 

225 

Wednesday 

1.78 

3.52 

...  Wednesday 

— 

055 

...  Wednesday 

— 

— 

, . Monday 

3.75 

775 

..  ’ Wednesday 

1.05 

2.1 

(FIcures  in  parentheses  are  fnr  the  3 0 (3j)) 

• Dividends  arc  shown  net  n®nn«»  n^r  ns  Period.)  - 
otherwise  indicated,  t Figures  for  ninn  m0nth/e'tvTezCeM  where 
LLoss.  ■ ,noni:ns.  New  year  end. 


RIGHTS  ISSUES 


Alida  Holding?— To  raise  £ 1,69m  through  a * I 

issue  at  140p.  a °ne  for  four  rights  4 

Associated  Newspapers— To  raise  £29.6m  thr«„„v  * 

rights  issue  at  230p.  m TDrough  a one  tot  AO  ' ''  .1 


basic  rate  tax. 


Maunders,  John  Wadnesdav  2.25  7.25 

Pifeo  Holdings  .......  Wednesday  1.75  3.52 

Precious  Mewls  Trust Wodneaday  — 0.55 

Really  Useful  Group  Wednesday  — — 

Traflnrd  Park  Estates  ..  . Monday  3.75  ^ 75 

Young.  H.  ’ Wednesday  1.05  2.1 

* Dividends  ere  shown  net  nanos  par  share  and  are  edjusttd  far  eny  inter- 
vening scrip  issue. 


SCRIP  ISSUES 


Alida  Holdings— One  for  two. 
Jourdan,  Thomas — One  for  one. 
MetaJrax — One  for  10.  _ , 


at  the 
! hour 


MAJOR  STOCK  MARKETS 


Percentage  changes  over 
I I one  year  gQone  week 

A05 


9“ 

sir 

•Jgs 

3? 

10.19  ,\JL 


;I 

H P* 


<Jqw^ 

3^!  b,d  Vfc'-'J 
?ld  on 


t3raasr 

.TEi^ 

~ LO  F 

"rf  ija! 

'_■•  !“t  (i;  £ 

iJifcrsc 
-*->  i3D>  !*j  ,- 

- «-■  u ii 

- ■-■  is  •: 

“ —I  U ill 

- 1-1*8# 

'■■*  t- 

:*.«  i£5»  is  i. 

- '-i  :J)  I” 

i^i  si  ® 


IT  HAS  been  mir  <rf  those  weeks 
on  Wall  Street  when  it  did  not 
pay  to  spend  too  lorn;  at  the 
water  cooler  iarprcisinK  tto 
im»s£nger*  and  secretaries  with 
details  of  one's  latest  stock  mar- 
ket triumph.  Half  an  hour  away 
from  the  ticker  tape  and  the 
market  could  have  moved  u 
dozen  points  either  way. 

US  share  prices  have  been 
volatile  in.  the  run-up  to  wimt 
has  liren  dubbed  the  "sripb? 
witchtiur  hoar”  — the  final 
hour  of  trad  ins  ye.-terdar.  Fri- 
day was  -one  of  just  four  day': 
each  year  when  stock  ir.‘l--K 
futures;  cpliow**  contrari*:  aed 
individual  stock  option-  alt 
empire  on  the.  Fame  day.  For 
professional  Investors,  who  u-v 
powerful  ffinpalun.  to  cxecut-* 
{■empiest . trading  Htrare^it--  to 
make  money  when  index  pr:e 
ducts  move  out  of  line  with 

Wall  Street 


underlying  stock  prwes,  this 
is  the  day  of  reckoning. 

/liven-  tin.1  il.vam-ll'-e 
upwards  -nioaii.-aiura  uf  V.'.iil 
Street  over  the  past  si:;  month? . 
the  imminent  arrival  of  i5.»- 
•■hour”  was  being  viewed  !:■■ 
more  superstitious  investors 
Mime  kind  of  event, 

a km  to  the  appearnm-e  uf  -.-un 
spot1?.  All  week  lone,  invest- 
ment advisers  have  ln-un  warn- 
ing t)i:»  small  : me. iter  i>j 
beware. 

After  the  previous  v.vd;.  the 
he* | and  busiest  wvris  on  record 
fnr  US  share  prices  with  :h  ■ 
l)w  Jones  Industrial  Average 
f>::»:intT  on  e!uve  to  200  poiotJ. 
rh’  prospnt  v;enk  started  on  a 
nni*»  with  thn  Dow  lowin’, 
nr-.i-i*-  on  Monday.  However, 
the  nw r daM  it  recovered:  and 
TVir-dny  evening  it  had 
t ihe  1S00  !ev‘-l  for 

firo  time,  with  ranch  nf 

..Iiini  Th-.n^ht 

»■•  h«  r-deied  to  y^lerdny's  «■ 
nir;.i!oS1  of  stock  index  futures 
confects. 

Wall  Sirect  remains  in  a 
bullish  rr.ocd  and  .Vhearson  Leh- 
man Brothers  told  its  clients 
that  it  expects  the  Dow  “ io 
probe  2,0<XJ  in  1937."  The  stocks 
of  the  drug  companies  were 
especially  siren;;  this  week,  with 
Eli  Lilly  (S69J),  and  PfI-'cr 
(559)  both  hittinc  new  highs. 
With  the  dollar  hitlinc  new  lows 
against  may  major  currencies, 
analysts  are  expecting  big 
things  from  the  drug  companies. 

Shares  of  the  big  US  car 
manufacturers  were  also  star 
performers  this  week.  General 
Motors  shares  hit  a new  peak  of 


8£‘i  and  Ford  ?!:arr?.  which 
were  trading  ;;i  lust  year. 
-F.f*  touched  a record  of  $30. 
The  itri-:ig?h  :*•  ■surpri^m'.  given 
ll«r  weahWv  .n  US  car  -aks  and 
report.-  eff  production  cutback-. 

:h iv. ever,  the  ->:■.■ --t;i r in 
Detroit  r;;-;!::  now  j%  Lir  latwa. 
th«  i> r«-press;!jf'?  ii,nf  cxeiru- 
I:’- «*  c:  (’hry.-h.-r.  who  announced 
on  the  dry  hix  rompany'.-.  vhar»-,j 
hit  a n».*w*  peal.  »i  >-?;>.  rliai  In* 
hod  Ufi.n  iuv'ke.!  for  :«  pan  in 
5/ win!  Yicr..  j popular  cops 
-i»J  robbers  hth-.  Mr  Jacoe.i. 
wiio  iui  b-i-n  tijipt-fi  in  liis- 
pa*.t  as  a future  US  presiiler.- 
ti.‘l  rc-ndidat^.  plays  :ln*  part 

nf  a Miami  park*  commissioner 

v. huv»  ni«»*j  . im-mnrabli*  bm* 
i*-:  '■  if  it  \ my  ii-lp.  1 know 
ho;v  io  liand!-*  a iiiin.” 

of  AuiLTii-a'j  corpornt e 
chs>.'f:ain.s  ilu  not  “hare  Mr 
lavoca's  enthu-  iiism  for  taking  ! 
time  off  from  running  the  com- 
pant.  Dr.-pile  Wall  Slreela  ; 
t:t:iJi“h  iunod.  the  mtn*age  : 
:rti:n  the  country's  economic  ! 
l!.y.r?I.:nd  j.  J.ii  from  opii-  I 

a.'i ; Jiun.v.-i'-lc  nf  bpnk*  , 
r'rcirii;nv.  all  :.n*  way  iruni  : 
:%>»rtb  DaJ-.o'a  down  to  Texas  ! 
are  f.ieing  - eruiu>  prubic-ms  ! 
'oecau1  c 'll  cull. 'ipse  m the  i 

Linn  ail'!  ciieir/  industries.  j 
Tii»»  ib. -cl' ire  in  th«*  value  of  : 
i.">*  t ioV.tr  bc  'innm:]  lu  help  : 

US  e&pnr'-r-,  and  lower  : 
iniere-t  r:»'.-.*s  and  o;|  prices  art*  j 
ii.ivuiL  an  impact.  How-  > 
e*  er,  the  »iov;n Words  revision  • 
iii  jht*  Iwinlh-quarier  gross  ; 
r.uT.nnM  prn'lut.i  growth  rate.  1 
» j 0.7  per  edit,  shows  that  the  , 
crunnrr.y  i*  a in*  weaker  than  i 
seme  p'-or.ie  had  expected,  j 
This  help-,  to  explain  tin.*  power  i 
Flriigele  imw  going  on  in  the  ! 
Fi-tjorjl  Ileserve  where  ihert*  j 
a:;*  sjet-,  that  Mr  Paul  Yolcker  ! 
iji'winnin"  to  luvj  his  grip.  1 
.2i>:;pwfjiie.  a growing  in  in.  her  | 
of  cum  panics  are  taking  arlvan- 
t.i2c*  of  The  bco:i’  in  “bare  prices 
to  rune  new  equity.  The  most 

piV.J.igious  oft e ring  of  ihe  week 
was  Morgan  Stanley,  the  New 
investment  hank,  whirh 

w. ;j:  public  yi-yrerday  at  $56.50 
? r <!taiv.  The  diares  jumped 
to  $7ti  in  early  trading,  which  | 

snore  llum  three  times  book 
value  and  leads  to  the  inevit- 
able question:  ii  Morgan  Stan- 
ley's niillionaire  partners  be- 
lieve this  is  the  right  time  to 
sell  shares,  is  it  the  time  to  be 
buying  US  equities? 


U.S.  UK  WGermany  Japan 

5MNCVUK>  A rOORS  FT-AU  IHjJU  COMMMZBANK  roicrONEW 


Australia  Canada  HongKong  World 

AUOttjiHAKitS  lOBCNTQCOMP.  HANS  SENS  Gtf ISM  IN^WHATSNAl 


The  heroes  who  fell  from  grace 


MONDAY  1.776.82  -15.92 
TUESDAY  1.78857  +13.05 
WEDNESDAY  1.7S7.95  -1.92 

THURSDAY  1.8MA»4  +16JJ9 


William  HaD 


THE  SWEDISH  .stock  market 
has  been  going  through  turbu- 
lent tune?.  Onlv  three  weekb 
agn  — on  Black  Thun  day.  Feb- 
ruary 27  — it  sulli-rcil  its 
higgest-ever  fall  m a single  day 
following  the  .shuck  announc.- 
ment  from  Kjell-Olof  Felilt,  tin* 
Finance  Minister,  that  the 
Government  was  planning  to 
double  the  turnover  lax  Dn  share 
trading  from  1 to  2 per  cent — 
in  spite  uf  repeated  denials  in 
recent  munilis  frmn  Mr  Fcldt 
and  other  minister1-:. 

However.  the  market 
shrugged  off  its  worries  to  the 
extent  that  by  Thursday  tins 
week  it  had  passed  its  previous 
peak  of  659.4.  reached  on  the 
Veckans  Affarer  tVA)  Index 
in  January,  and  soared  to  6R2. 

Barely  24  hours  after  Black 
Thursday,  the  nation  was 
numbed  by  the  assassin  a lion  uf 
Olof  Palme,  the  Prime  Minister, 
on  an  open  street  in  the  middle 
of  Stockholm,  hut  flu*  ruling 
Social  Democrat  Party  moved 
fast  to  fill  the  political 
vacuum;  and  even  before  the 
markets  re-opened  it  was  clear 
that  the  party'  had  closed  ranks 
solidly  behind  Ingvar  Carlsson, 
the  deputy  Prime  Minister. 

However,  the  change  of 
leader  does  nothing  to  alter  the 
fact  that  the  Swedish  stock  mar- 
ket is  labouring  under  a heavy 
political  cloud  following  recent 
revelations  about  a series  of 
deals,  that  have  served  to  cast 
doubts  on  the  ethical  practices. 
Indeed.  Mr  Carl&son  an- 
nounced: "A  special  committee 
of  inquiry  has  been  set  up  to 


look  iniu  certain  stork  exchange 
transactions.  Tin*  Government 
will  lake  those  measures  that 
may  ht-  necessary  to  restore 
respect  and  confidence  in  the 
Swedish  Stock  Exchange." 

The  commit  lee  tu  which  lie 
referred  j.t  tin*  MwalJpd  Leo 
UoinmiF-dun.  established  at  the 
end  of  last  year  to  examine,  in 
particular,  the  directed  share 
issues  in  Leo  made  by  its  parent 
company.  Soucssons.  a Swedish 
engineering  and  pharmaceuti- 
cals group  quoted  on  both  the 
Stockholm  and  London  stock  ex- 
changes. The  turmoil  which 
blew  up  last  November  leri^  to 
the  resignation  of  Hans  Erie 
Ovin.  the  Snnessons*  chairman 
and  group  chief  executive;  and 
also  dragged  other  prominent 
Swedish  industrial  names  .such 


Stockholm 


as  Pehr  Gyllenhammar.  the 
Volvo  chairman,  and  Hakan 
Frisingcr,  Volvo’s  managing 
director,  into  the  mire. 

Soncssons  is  a Volvo  affiliate, 
and  both  Mr  Gyllenhammar  and 
Mr  Frisinger  had  bought  shares 
in  Leo  as  part  of  the  controver- 
sial directed  issue  that  was 
tightly  restricted  and  not  made 
available  on  the  same  terms  to 
all  Soncssons’  shareholders.  At 
an  emotion-charged  press  con- 
ference late  last  year  Mr 
Gyllenhammar  announced  he 
was  selling  his  Leo  shares  at 
cost  to  a cancer  fund,  but  Mr 


* .IT'S iff 
AS 

- ^ ? 

* ■■’.•i  it 

j?5  iSSSJfl 
_ — :i 

:v; 

ijr.tfC; 

— i— t £?  £ 

- i- 

''.65'  iii  i' 

Vi  -i  (25A*  Idi  £' 
:.-fl  i ?44i  «!■ 
ri.  14'- 


study  makes  Gaitmore  “Fund  Management  Group  of  the  Year.” 

We  have  investment  specialists  managing  21  unit  trusts  covering  all  the  world’s 
major  markets  from  investment  offices  in  London,  Glasgow,  Hong  Kong, Tokyo, 
San  Francisco  and  Sydney.  And  with  more  than  £2.2  billion  investor’s  money 
under  group  management,  that  means  success  in  anyone’s  language. 

Some  of  Gartmore’s  *Total  return  on  Total  return  on 

top  performing  funds £1000  after  5 years  . £1000  after  5 years 


Gartmore  Income  Fund 


Gartmore  Japan  Trust £3300 

Gartmore  British  Trust £2665 jy  Income  assumed  or 

— — TT V over  the  aciuai 

Gartmore  Global  Fund  £2328 f SS5S5* 

♦Offer  to  bid,  net  income  reinvested,  1/1/81  to  1/1/86.  Source:  Money  Management  Alagazine 


Income  assumed  ar 
over  the  ociual 
Building  Society 
ordinary  share  me. 


For  more  information  on  Gartmore’s  top  performing  unit  trusts, 

telephone  01-623 1212  or  send  this  coupon  to  Gartmore  Fund  Managers  limited, 

2 Sl  Mary  Axe,  London  EC3A  8BP 

lx  a me  ( Mr/Mrs/Miss/TiUe) — 

Address — — 


The  Fund  Managers 


Fnsincor  decided  to  on  u> 
lux  holdmd. 

A enuph-  uf  yt.-ar-i  ago.  as  *h<* 
stock  market  was  .still  vicing  on 
ill-*  crest  of  its  v?:traord!r?rj- 
tiiriv-\far  hnom.  leadiTa  Of  the 
husimv.K  and  financial  nMi- 
inunity  bi-gan  to  c-merg.?.  r3:!i'*r 
auirnidMn'-'ly,  the  new 

dynamic  heroes  uf  Swedish 
sneiet1'.  Much  of  that  ehttcr 
has  started  lo  loo!;  do  ride  I y 
tarm-hL-d  in  recent  montl-.*, 
thounh.  as  c-re  sen  mb! 
has  followed  another  — often 
stcennipuniftl  hy  rather  evfra- 
ordinary  media  h>Tie.  it  ru:rt 
be  said.  T!ie  Social  Dontnere-ie 
Government  and  the  n«t  of  »h» 
Swedish  labour  movement  ba'  e 
been  quick  to  make  pnlitie;'! 
capital  out  of  the  market’s  fall 
from  grace. 

‘■Industrialists  are  rnt  ihe 
heroes  we  were  some  time  ago." 
the  chief  executive  of  one  of 
the  country's  top  cornnrr.tions 
admitted  this  week.  ‘'And  in 
some  way.  we  will  have  to  pav 
for  it."  Parr  of  the  payment  5* 
already  apparent  in  the 
Government’s  announcement  of 
the  doubled  turnover  ta::.  Mr 
Feldt  made  clear  that  his  de- 
cision to  drop  his  earlier 
opposition  to  increasing  the  tax 
had  been  influenced  in  no  small 
way  by  “the  scandals  and  the 
misuses  of  power  that  have  hap- 
pened in  the  market." 

As  an  extra  jab  at  the  busi- 
ness and  financial  sectors  he  an- 
nounced a tightening  of  the  de- 
ductions rules  for  crocnse 
account  entertaining,  claiming 
the  move  was  in  the  interests 
of  the  nation’s  health.  "It 


might  contribute  to  slimming 
down  some  of  the  members  of 
the  buiinesa  community."  he 
observed. 

The  ethics  debate  thunders 
on.  however,  with  the  threat  of 
go'.i-rnment  legislation  still 
b:ixi£inc*  h;-av:ly  over  the  mar- 
ket. Iii  a bid  to  head  off  inter- 
vention from  tiie  state,  the 
Swedish  Federation  oi  Industry 
ar.d  the  Stockholm  Chamber  of 
Commerce  announced  plans  to 
set  up  a new  independent 
monitoring  agency,  after  the 
model  of  London's  City  Panel, 
as  the  centrepiece  of  its 
ali-'inpts  to  improve  soL'-resu- 
1 at  ion  of  the  market. 

At  the  same  time,  the  slock 
market  hoard  it-self  has  come 
nut  with  new  recommendations 
about  improved  disclosure  of 
information.  For  the  first  time 
in  more  than  10  years,  it  has 
issued  a written  warning  to  a 
stock  market  member  for 
misconduct  in  share  dealing. 

For  the  moment,  however,  the 
Stocfchuim  market  is  taking  all 
the  turbulence  in  its  stride. 
Several  of  the  blue  chip  stocks 
have  been  trading  at  all-time 
highs  led  by  Electrolux,  the 
Swedish  household  appliances 
group,  which  is  set  to  become 
the  world’s  biggest  white  goods 
manufacturer.  This  follows  the 
S7401U  takeove-  of  White  Con- 
solidated Industries  in  the  US, 
the  biggest  foreign  acquisition 
ever  attempted  by  a Swedish 
industrial  corporation. 

Kevin  Done 


INSTANT  BORROWING,  using 
unit  trust  investments  as  col- 
lateral. is  a special  feature  in  a 
scheme  launched  by  Orion 
Royal  Dank  This  week.  Orion,  a 
subsidiary  of  the  Royal  Bank  of 
Canada  group,  is  introducing 
tv.u  UK  authorised  unit  trusts. 

railed  BBC  Select  Growth 
Trust  and  RBC  Select  Income 
Trust,  they  will  invest  primarily 

in  UK  equity  markets  although 

up  to  20  per  cent  of  the  total 
funds  may  go  into  overseas  mar- 
kets. London  stockbrokers.  Kit- 
cit  & Aitken,  will  shortly  also 
become  u subsidiary  of  the  Royal 
Bunk  of  Canada  and  they  will 
be  providing  the  investment 
expertise  Tor  the  new  UK  based 
unit  truats. 

However  the  real  innovation 

is  the  simultaneous  launch  by 
Western  Trust  and  Savings, 
another  subsidiary  of  the  Royal 
Bank  of  Canada,  of  a cash  with- 
drawal scheme  called  UnttCash, 
Under  this  scheme  investors  in 
the  two  new  unit  trusts  trill  be 
able  lo  withdraw  cash  from 
automated  idlers  machines 
( ATMs)  in  amounts  of  up  to 
£250  a day  nith  a "coiling  " of 
70  per  cent  iff  the  market  value 
of  the  units  they  hold. 
Western  Trust  is  a member  of 
the  Link  money  machine  con- 
sortium. which  has  about  175 
automated  cash  dispensers 
throughout  the  country,  but 
plans  to  add  a further  700 
machines  by  the  end  of  the  year 
and  reach  a total  of  1.100  dis- 
pensers by  the  end  of  1967. 

Since  it  is  a secured  loan, 
against  the  value  of  the  inves- 
tor'* unit  trust  holdings,  the 
rale  or  interest  charged  will 
iie  well  bcimv  that  imposed  by 
clearing  hank  credit  cards 
using  automated  cash  dispen- 
ses, such  us  Access  and  Bar- 
claycard. 

The  Unitcash  borowing  cost 
is  20.3  per  cent  APR  annual 
percentage  rate)  as  compared 
with  26.8  per  cent  charged  to 
users  of  Access  and  Barcloy- 
card. 

The  Unitcash  interest  rate  is 
not  particularly  competitive 
when  compared  with  normal 
secured  loans  from  a bank, 
which  range  from  1 per  cent 
to  7 per  cent  above  base  rate 
according  to  your  credit  status 
and  relationship  with  your  local 
bank  manager. 

BUILDING  SOCIETIES  were 
unusually  quick  to  cut  tbelr 
mortgage  rates  this  week 
after  the  fall  in  interest  rates 
encouraged  by  the  Budget. 
Almost  immediately  after  the 
main  clearing  banks  an- 
nounced a cut  In  base  rate 
from  12.5  to  11.5  per  cent. 
Abbey  National  and  Halifax, 
(he  two  leading  societies, 
lowered  their  rate  for  all 
mortgages  to  12  per  cent. 
Several  other  societies 
quickly  followed. 


However,  it  does  provide  a 
oporutunity  to  obtain  unfa 
seen  cash  requiremeifi 
instantly  with  no  questior 
asked 

The  Royal  Bank  of  Canac 
already  has  over  SlOCm  unde 
management  in  its  offshot 
funds.  But  the  new  UK  base 
unit  trusts,  and  cash  wit! 
drawal  schemes,  are  describe 
by  Christopher  Chatawaj 
chairman  of  Orion  Royal  Bari 
Trust  Managers,  as  the  fifi 
of  a scries  of  initiatives  to  c: 
pand  its  activities  in  Britni 
together  with  Kitcat  Si  Aitke: 

• 

THE  FINAL  few  weeks  of  tt 
financial  year  is  when  most  sel 
employed  people  get  down  i 
considering  their  pensio 
arrangements,  and  what  c« 
t rib ut ions  should  be  made  fi 
that  financial  year. 

To  encourage  them  to  sett, 
their  pension 'affairs,  a numbi 
of  life  companies  are  makir 
bargain  offers  available  fro: 
now  until  April  5. 

Crown  Financial  Managemet 
is  offering  extra  unit  allocatic 
on  both  regular  and  sing' 
premium  contracts  taken  oi 
now. 

For  annual  premius 
between  £500  and  £1.000  Ci 
the  monthly  equivalent),  3 pt 
cent  extra  units  will  be  adde 
For  annual  premiums  of  £1.0( 
or  more,  an  extra  5 per  cg| 
will  be  given  — effective 
abolishing  the  bid-offer  spreat 

Single  contributions  trt 
attract  an  extra  1 per  cent 

Scottish  Mutual  Assuram 
Society  is  siring  an  extra  1 pi 
cent  allocation  on  all  premiun 
for  ail  linked  individual  pc, 
sion  contracts. 

Scottish  Widows  is  also  off? 
ing  an  extra  1 per  cent  higln 
unit  allocation  or  1 per  cci 
on  the  guaranteed  cash  vali 
on  traditional  contracts.  • 

The  rates  change  is  beinf 
used  as  an  opportunity,  b> 
those  societies  which  have  no: 
already  done  so,  to  remove 
the  differential  previously 
charged  on  endowment 
mortgages  following  the 
trend  set  by  the  hanks  fiefort 
the  Budget.  This  means  th& 
while  the  basic  rate  has  conn* 
down  by  0.75  per  cent,  tht 
cost  of  endowment  mortgage: 
has  dropped  by  a larger  per 
centage  depending  on  the 
premium  charged  previously 


PEARSON 

Results  in  Brief 


Turnover 

(excluding  banking  and  investment  income) 

Profit  before  interest 

Profit  before  taxation 

Profit  after  taxation 
and  minority  interests 

Earnings 

per  ordinary  share 

Dividends 
per  ordinary  share 

"After  adjusting  lor  one  for  one  scrip  issue.  May  1985. 


1985 

£970.1m 

£124.6m 

£109-3m 


1984 

£843.2m 

£110.0m 

£99.4m 


£57.6m  £54.1m 


30.0p  28.9p* 


lO.Op 


8.5p* 


Dividend. 

The  directors  recommend  a final  ordinary  dividend  of  5-75p  net 
per  share,  payable  on  30  May  1986  to  shareholders  on  the  register 
at  the  close  of  business  on  2 May  1986. 


Report  and  Accounts 
The  1985  report  and  accounts 
of  Pearson  pic  will  S 

be  posted  to  /r- 

shareholders  on  V \ 

9 April  1986.  \ 


Annual  General  Meeting 
The  annual  general  meeting 
willbeheldatMillbank 
\ Toweq  Millbank, 

1 1 London  SW1  on  2 May 
/ 1986  at  12  noon. 


PEARSON 


Information  and 
Entertainment 

Engineering 

Merchant 

Banking 

Fine  China, 

Pearson  pic,  MillbankTovvei;  Millbank,  London  SW1P  4QZ 

The  figures  for  the  year  ended  31  December  1985  haw  been  extracted  from  unaudited 
Jkuncul  statements^ which  have  not  yet  been  delivered  to  the  Registrar  of  Gcanpanies. 


IV  Weekend  rr 


FINANCE &THE  FAMILY  BUDGET  SPECIAL 


The  Chester  family  viewpoint 


The  gilt  rubs  off  the  gingerbread 


“ WE’LL  ALL  have  to  start 
being  nicer  to  grandfather  and 
grandmother."  said  David 
Chester  jokingly  ' to  his 
daughter  at  the  Chester  family's 
post-Budget  breakfast. 

His  wife  Elaine  frowned,  but 
Helen  his  daughter  wanted  to 
know  why.  Well.  David 
explained,  that  nice  Mr  Lawson 
has  abolished  the  Capital 
Transfer  Tax  that  people  used 
' to  have  to  pay  no  any  gifts  they 
made  while  they  were  still 
alive.  Now  there  will  be  a 
positive  incentive  to  make  life- 
time gifts  since  tax  will  mainly 
have  to  he  paid  after  someone 
dies. 

" Don't  be  so  coldblooded. 
Your  father  is  very  fit  and 
healthy,  and  my  mother  needs 
all  her  money  just  to  get  by." 
complained  Elaine.  “ I can't  sec 
either  of  them  being  able  to 
afford  to  give  anything  away  at 
this  stage  when  they  don’t  know 
how  long  they're  going  to  live 
for." 

“I  was  only  joking,"  David 
said.  “I  don't  expect  we'll 
henefit  much.  In  fact  we  could 
be  worse  off  according  to  the 
accountant  I was  talking  to  last 
night.  In  spite  of  a new  name 
inheritance  tax  is  really  just 
going  back  to  the  old  estate  duty 
system,  and  it  could  be  a hit  nf 
a double-edged  sword,  particu- 
larly for  the  medium  or  fairly 
rich  people  who  are  reluctant, 
or  afraid,  of  giving  away  their 
assets  while  they're  still  living. 

" Under  Capital  Transfer  Tax 
you  could  use  various  ingenious 
schemes  to  pass  over  a lot  of 
your  assets  tax-free  but  retain 
the  income  and  even  control  of 
the  assets.  You  won't  be  able 
to  do  that  any  longer,  so  you 
have  to  make  up  your  mind 
either  to  give  something  to  your 


relations  or  friends  irrecover- 
ably or  keep  it  just  in  case 
something  goes  wrong  or  you 
live  much  longer  than  expected. 
It  just  depends  on  how  much 
you  love  and  trust  your  bene- 
ficiaries. 

"As  usual  it  looks  as  if  it  is 
the  really  rich  people,  who  can 
afford  to  give  away  large  wads 
of  money  and  still  live  comfort- 
ably. who  may  benefit  most.  I 
bet  they’ll  be  in  a great  rush 
to  start  passing  on  tax-free  bene- 
fits to  their  heirs  as  soon  as 
possible  just  in  case  a new  gov- 
ernment changes  back  again. 

**  However  Robert  reckons 
that  the  insurance  companies 
will  soon  think  up  some  new 
ways  round  to  replace  the  pre- 
sent inheritance  trust  schemes. 

“It  hasn’t  been  too  good  a 
Budget  for  the  insurance  com- 
panies— as  if  I care."  David 
added.  “ Robert  says  they  could 
also  suffer  from  another  major 
surprise  move — that  new  Per- 
sonal Equity  Plan.  People  may 
well  be  encouraged  to  buy 
shares  instead  of  unit-linked 
endowment  and  life  policies. 

Just  as  Elaine  and  Helen 
were  starting  to  get  a bit  rest- 
less, David's  other  brother 
Bernard  turned  up  offering  to 
give  Elaine  a lift  to  work  on  his 
way  up  to  the  City.  He  was 
smiling  and  David  assumed  it 
was  Budget  euphoria  following 
the  Chancellor's  declared  inten- 
tion to  create  a nation  of  share- 
holders. 

But  Bernard  was  not  enthu- 
siastic. He  claimed  the  cut  in 
stamp  duty  would  not  help 
much  especially  as  new  invest- 
ments had  been  brought  into 
the  net.  He  was  critical  about 
the  PEP  plan.  Bernard  noted 
that  although  the  Chancellor 
compared  it  with  the  Loi 


Monory  plan  in  France,  it  is 
really  quite  different. 

Under  the  French  scheme, 
investors  are  able  to  deduct  the 
admittedly  modest  allowance  of 
FFr  5,000  (about  £500)  a year 
from  their  taxable  income — 
rather  like  the  investment  re- 
tirement account  scheme  in  the 
ITS.  Mr  Lawson's  scheme  is 
different.  You  are  simply 
allowed  tax-free  treatment  on  the 
proceeds  of  Investing  up  to  £200 
a month,  or  £2.400  a year,  in 
shares.  When  you  work  it  out 
that  is  not  much. 

The  dividends  on  £2,400 
worth  of  shares  will  he  very 
modest,  so  the  income  tax  sav- 
ing will  be  pretty  small — less 
than  £50.  At  the  same  time  the 
investor  already  gets  exemption 
from  capital  gains  tax  on  profits 
made  up  to  £6,300.  So  for  small 
investors  in  particular  the 
administrative  costs  of  running 
the  PEP  could  exceed  the 
benefits. 

It  may  be  of  some  use  to 
investors,  who  have  already 
used  up  their  capital  gains  tax 
exemption  allowance.  Otherwise 
it  may  take  many  years  for  a 
worthwhile  saving  to  be  built 
up  and  meanwhile  the  new 
investor  is  likely  to  be  going 
into  the  stock  market  on  the 
most  favourable  terms. 

The  Chancellor  may  be  right 
in  claiming  it  as  a radical  new 
scheme.  But  the  tax-free  lure 
could  be  dangerous  in 
persuading  unwary  investors  to 
take  their  money  out  of  building 
societies  or  bank  accounts  into 
shares  which  can  be  pretty 
risky.  “ Unless  the  new  regula- 
tions planned  to  protect 
investors  work  really  well,  there 
could  be  a lot  of  trouble  ahead 
especially  if  stock  market  prices 


suddenly  take  a dive,"  said 
David. 

*‘I  would  have  thought  the 
person  most  pleased  by  the 
Budget  is  your  sister  Bridget. 
She's  always  going  on  about 
giving  more  to  charity.  Now 
we’ll  all  be  able  to  do  so.  and 
what's  more  so  will  companies. 
About  time  too." 

Bernard  was  pleased  about 
the  move  to  extend  the  Business 
Expansion  Scheme  indefinitely 
and  abolish  capital  gains  tax  on' 
the  first  profits  made.  He 
admitted  they  would  be  even 
riskier  investments  now  that  the 
asset-backing  has  been  reduced 
and  things  like  wine  and 
antiques  banned. 

David  was  depressed.  The 
Budget  had  sounded  so  good 
initially  and  now  some  of  the 
gloss  had  worn  off.  The  stock 
market  might  be  booming,  but 
the  only  really  helpful  thing 
for  his  business  bad  been  the 
cut  in  interest  rates.  He  was 
not  sure  where  all  tills  extra 
money  for  sure-fire  investments 
and  charities  was  coming  from. 

It  seemed  likely  that  the  car 
was  going  to  cost  more  to  run, 
whatever  Mr  Lawson  might  say 
and  the  taxation  cuts  didn't 
appear  to  amount  to  much,  in 
just  keeping  up  with  inflation. 
Fortunatelv  the  cut  in  interest 
rates  would  more  than  offset 
tiie  rise  in  mortgage  rates  re- 
sulting from  the  income  tax  cut 
reducing  relief. 

Hp  felt  a twinge  of  symnatby 
for  Robert,  who  had  tried  and 
failed  to  give  up  cigarettes  on 
many  occasions  in  the  past.  Per- 
haps he  ought  to  phone  and  sug- 
gest going  out  for  a celebratory 
drink— at  least  that  wouldn't  be 
costing  more. 

John  Edwards 


INCOME  TAX:  Basic  rate  cut  by  lp  in  the  £ to  29  per 
cent.  Main  thresholds  and  allowances  raised  by  5.7  per 
cent.  Income  bands  for  higher  rates  lifted  bv  £1,000. 
CAPITAL  TRANSFER  TAX:  Abolished  on  lifetime  gifts 
to  individuals.  Tapered  charge  on  gifts  made  within 
seven  years  of  death.  C1T  to  be  renamed  inheritance,  tax. 
SHARE  OWNERSHIP:  Investments  of  £200  a month 
(£2,400  annually)  from  January  19S7  can  be  kept  in 
special  Personal  Equity  Plan  accounts  tax-free. 
BUSINESS  EXPANSION  SCHEME:  To  be  extended 
indefinitely,  but  companies  with  more  than  half  their 
net  assets  in  land  and  buildings,  or  investing  in  objects 
(like  fine  wine)  with  rising  values  will  be  excluded. 
Companies  chartering  UK  registered  ships  included. 
First  sale  of  BES  shares  exempted  from  capital  gains  tax. 
STAMP  DUTY:  From  October  27  (date  of  the  Big  Bang) 
will  be  cut  from  I to  0.5  per  cent  on  share  transactions. 


Highlights  of  the  Budget 

but  will  be. extended  to  cover  more  transactions. 


V 4T'  Threshold  up  bY  £1«000  to  £20.500. 
r1*.?  arttifS"  Plans  for  tax  relief  to  be  given  on  donations 

SS  r^SSSSinm 

pav.  Also  for  public  companies  on  one-off  gifts  “P 
EXfrnum  of  3 per  cent  of  annual  dividend.  Several 

reliefs  on  VAT  for  charities. 

PENSIONS:  Statutory  provisions  to  replace  Inland 
Revenue  discretion  in  dealing  with  company  scheme 
•surpluses.  Proposals  later  this  year  to  give  personal 
pensions  the  same  tax  treatment  as  retirement  annuities. 
EMPLOYEE  SHARE  SCHEMES:  Made  easier,  but  certain 

TRAVEL  EXPENSES:  More  favourable  tax  treatment 
for  UK  emplovees  working  abroad;  expatriate  employees 
in  Britain;  and  self-employed  with  businesses  carried  on 
wholly  abroad.  


Life  in  the  old  bull  yet 


The  stock  market 
has  greeted  the 
Budget  with  enthusiasm 
and  shares  have 
risen  accordingly 


THE  STOCK  market  has  alreadv 
reacted  gleefully  to  this  year’s 
Budget,  and  to  the  cut  in 
interest  rates  that  followed  it  on 
Wednesday.  Both  gilt-edged 
Government  bonds  and  company 
share  prices  have  raced  up- 
wards. 

After  the  continuous  bull  run 
in  the  equity  market,  some 
stockbrokers  are  showing  faint 
signs  of  nerves.  They  find  it 
difficult  to  justify  current  share 
prices  in  relation  to  companies’ 
actual  and  expected  profits,  even 
with  lower  oil  prices  and  falling 
inflation  likely  to  boost  earnings 
in  1986  and  1987.  But  it  is  diffi- 
cult to  give  a convincing  reason 
why  the  upward  charge  should 
stop,  yet 

“ There  is  nothing  in  this 
Budget  for  the  bears,"  com- 


*n 


Ignoring  this  advertisement 
could  cut  your  pension  in  half 


ments  Mr  Kenneth  Inghs  of 
London  stockbrokers  Phillips  & 
Drew.  “ And  with  high  cash 
balances  still  proving  oppressive 
for  many  fund  managers,  the 
chances  of  a major  downward 
break  in  the  market  look 
remote.  There's  life  in  the  old 
bull  yet” 

Over  at  Rowe  & Pitman,  the 
mood  is  more  buoyant.  “ Our 
bullish  position  on  the  market 
is  reinforced ' by  an  unusually 
realistic  fiscal  Budget,  which 
incorporates  a boost  for  con' 
sumers.  We  remain  confident 
that  the  FT  All-Share  will  rise 
to  over  900  by  summer  1987." 

And  Hoare  G ovett  believes 
the  All-Share  index  will  nut  900 
behind  it  by  the  third  quarter 
of  1986. 

For  the  gilt-edged  market, 
most  brokers  are  similarly  con- 
fident. The  Chancellor  said  in 
his  Budget  sneech  that  he  saw 
inflation  falling  to  3i  per  cent 
by  the  end  of  this  year,  and 
after  Wednesday's  cut  in  bank 
base  rates  and  mortgage  rates 
he  held  out  the  prospect  of 
further  nut-;  in  interest  rates. 

In  addition,  bv  naming  a 
lower  than  expected  figure  of 
£7bn  for  Government  borrowing 
in  the  1986-87  financial  year  he 
helped  to  allay  the  gilts  market's 
fears  that  it  would  be  swamped 
by  a wave  of  new  issues  of 
stock. 

"This  Budget  underpins  the 
recent  rise  in  the  gilt  market.’’ 
says  Mr  Andrew  Smith  at  Lajng 
Sc  Cntickshank.  “The  funda- 
mentals are  unchanged — low 
inflation  and  falling  short  rates 
— and  although  these  were  to 
some  extent  discounted  we  be- 


lieve yields  will  fall  further  this 
year." 

The  details  of  Mr  Lawson's 
Budget  have  brought  immediate 
gains  to  some  sectors  of  the 
stock  market  and  equally  im- 
mediate losses  to  others.  The 
most  obvious  loser  was  the  life 
assurance  industry.  The 
Pru’s  share  price  fell  ISp  on 
Budget  Day  as  investors  ex- 
pected the  Chancellor's  now 
Personal  Equity  PJans  to  eat 
into  insurance  companies'  regu- 
lar savings  business.  But  this 
could  cut  both  ways,  since  life 
companies  are  obvious  candi- 
dates for  managing  FEPs. 

Worse  hit  perhaps,  was 
Legal  and  General.  Its  Capital 
Preservation  Plan  accounted 
for  two-thirds  of  its  single 
premium  unit-linked  business 
lost  year  and  could  be  hit  by 
the  abolition  of  Capital  Trans- 
fer Tax  on  lifetime  gifts. 

Sectors  that  benefit  from  the 
Budget  include: 

Banks:  Not  only  do  they  escape 
the  financial  services  tax  that 
seemed  to  be  threatened,  but 
they  also  stand  to  gain  business 
from  the  Personal  Equity  Plans. 
“Be  greedy,"  says  Rowe  and 
Pitman  "Resist  taking  profits." 

Drinks:  No  duty  increase  for 
beer,  wine  and  spirits  is  ob- 
viously good  news,  although  the 
effect  on  market  sentiment  is 
out  of  proportion  to  the  actual 
impact  on  earnings,  according 
to  James  Capel.  More  im- 
portant. Capel  says,  is  the  effect 
of  the  Budget  on  disposable  in- 
come and  consumer  spending, 
which  should  benefit  the  con- 
sumer area. 

Stores:  Again  consumer 

spending  is  the  key.  “We  be- 


fBUDKTi 

/ 

Jicve  the  underlying  economic 
factors  will  maintain  interest  in 
the  sector,”  says  Laurie  Mil- 
bank.  “and  the  ensuing  flow  of 
good  news  including  legalised 
Sunday  trading  should  keep  the 
sector  moving  ahead  of  the  mar- 
ket." 

Metal  bashing-  Not  the  most 
obvious  beneficiary,  the  engin- 
eering sector  stands,  neverthe- 
less. to  gain  more  than  most 
from  the  Chancellor’s  moves  to 
stop  comoany  pension  funds 
from  building  up  huge  sur-,' 
pluses.  Phillips  and  Drew 
picks  Birmid  Qualcast  and  Bab- 
cock International  as  likely  to 
win  out  from  a pension  contri- 
bution holiday. 

Oil.  Not  an  immediate  winner, 
though  Mr  Lawson’s  rejection 
of  production  cuts  is  welcome. 
But  brokers  pick  the  oil  com- 
panies as  possible  winners  from 
the  introduction  of  PEP  invest- 
ments. PEP  gives  only  a tiny 
amount  of  real  tax  relief,  but 
the  small  bonus  of  being  able  to 
reinvest  dividends  free  of  tax 
means  high  yielding  shares  will 
be  popular.  Some  of  the  highest 
yields  of  the  lot  are  oil  com- 
panies like  LAS  MO  (12.3  per 
cent).  Britoil  (9.8  per  cent).*-! 
Enterprise  i8>2  per  cent)  and 
Ultramar  (S.B  per  cent). 

A note  of  caution  creens 
in.  however,  when  the  City’s 
economists  pore  over  the  Trea- 
sury’s forecasts  on  inflation.  Mr 
Lawson  says  it  will  drop  to  31 
per  cent  by  the  end  of  the  year. 


George  Graham 


Pn 

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When  it  comes  to  their  pension,  many 
otherwise  shrewd  people  make  decisions 
which  defy  common  sense. 

Not  that  it’s  easy  to  deride  how  to  get 
the  best  results  from  the  pension  you  may 
be  planning  to  arrange. 

For  a start  you  have  to  identify  the 
company  with  policies  flexible  enough  to 
meet  your  needs. 


MAXIMUM  FLEXIBILITY 

Contributions  can  be  varied 


t^vmjueofyourbwd 

A A A 

V V v 

YOUR  CONTRBUTKJNS  V 

WrfhThe  Equitable  your  fund  keeps  on 
wM»  each  year  you  pay  what  you  can  afiord. 


TOPFWVOUT 

The  Equitable 


Worst 

Company 


r 

c 

l 


And,  as  the  oldest  mutual  life  office  in 
the  worid,  which  first  put  into  practice  the 
sound  actuarial  principles  all  other  life 
offices  have  copied,  we  have  a reputation  for 
innovation  ana  fairness  to  live  up  to. 


What  happens  if  you  retire  eariy? 


With  The  Equitable  you  get  With  some  other  companies 
the  full  value  ofyoir  imd  you  suffer  a penalty, 
to  date.  


Personal  pension  find  from  20  year  with  profits  pofiqt 
annual  premium  of  £500;  as  pubfeted  by  Planned  Savings 
November  1985.  Figures  refer  to  self-employed  man  aged 
65  retiring  1st  September,  1985. 

u South:  Mwm*nI'tS5 

■ i m 

You  may  want  to  bear  in  mind  that 
The  Equitable  life  is  unusual  in  not  pay- 
ing commission  to  brokers  or  other 
middlemen. 

"Which  is  why  these  people  may  be 
reluctant  to  recommend  The  Equitable. 

So  you’d  be  wise  to  make  sure  you  get 
some  figures  from  us. 


THE  WORLD’S  FIRST 


FOUNDED  176.1 


And  you  must  be  sure  there  is  a broad 
range  of  investment  options. 


WIDE  CHOICE 

\y?f  Managed  Find 

!V?  North  American  Fund 

Property  Fund 

3?”  Far  Eastern  Fund 

Jyt*  Money  Fund 

■ V'  Gft&  Fixed  Interest  Fund 

Tyf  Special  Situations  Fund 

?AST  Find  of  Investment  Trusts 

IV?*  High  Income  Fund 

IM  EqutaWe  Pelican  Fund 

With  profits  policies 

NO  MIDDLEMEN 

The  Equitable 


Your  money  100%  into  The  Equitable. 

Most  companies 


Your  money 


Middleman 
takes  slice 


AsSttfeasSCWis 
invested  in  first  year. 


The  result  is  that  The  Equitable  now 
has  fluids  under  management  totalling 
over  £2,000  million. 

Our  standing  with  those  professionally 
concerned  with  pensions  is  demonstrated 
by  our  record  of  success  with  Additional 
Voluntary  Contribution  (AVC)  schemes 
which  companies  set  up  for  their  staff. 


NallN  A.V.C.  PREMIUM  INCOME 

Hm  Equable  Life 

£28.8m 


Another  Record  Year  from 

Temple  Bar  Investment  Trust 

as*-'  11 -tow 

rr*K 

•>.  f - 

- -1  S w 

Highlights  for  the  year  ended  31st  December  1985 

1985 

1934 

Group  profit  attributable 
to  ordinary  shareholders 

£3.202m 

£2.816m 

up  13.71% 

Earnings  per  ordinary  share 

5.593p 

4.919p 

up  13.70% 

Dividends  per  ordinary  share 

5.30p 

4.65p 

up  13.98% 

Net  asset  value  per 
ordinary  25p  share 

169.53P 

136.82p 

up  23.91% 

vi 


Next,  you  must  satisfy  yourself  you 
won’t  be  pouring  money,  year  after  year, 
into  a company  which  will  pay  out  a frac- 
tion of  what  could  have  been  achieved 
elsewhere. 

Of  course  the  past  cannot  guarantee 
the  future,  but  you  must  be  certain  the 
company’s  policies  have  a record  of  deliver- 
ing outstanding  performance.' 


"What’s  more,  unlike  most  companies, 
we  invest  every  penny  of  your  unit-linked 
contributions.  V&  have  no  policy  charges 
and  we  don’t  use  capital  or  initial  units 
with  high  annual  fund  charges. 


No.  2 life  Company 

£13.0m 


i 


Ur 
In; 

* t ^ 

iMit 

lit! 

Wife  run  rrHXP  Additional  Voluntary  Contribution  Schemes  than 
any  other  life  company  And  these  schemes  bring  us  more 
than  twee  the  premium  income  of  our  nearest  competitor. 

.-WIT  Prrrj.xn  ruro"  Kiv-rtpi  V-R5 


Mil 

1W3 


I*a  3 Life  Company 

£8.0  IT1  ffa  4 |jfe  tympany. 
£4.0m 


I Over  the  last  four  years  net  assets  have  grown  at  a compound  rate  of 
24  % per  annum,  and  Temple  Bar  has  ranked  in  the  top  ten  highest 
performing  investment  trusts  when  measured  by  total  returns  on  net  assets. 

I Temple  Bar  retains  a 95%  exposure  to  the  U.K.  equity  market  and  the 
Directors  believe  there  is  ample  opportunity  for  further  growth  in  1 986  and 
beyond. 

I The  successful  investment  management  team  has  now  transferred  to 
Guinness  Mahon  Investment  Management  and  remains  responsible  for 
Temple  Bar. 

I A final  dividend  of  3.3  pence  is  proposed,  a 1 3.98%  increase  for  the 
full  year. 


GUINNESS  MAHON  INVESTMENT  MANAGEMENT 


15' "A™1 f M*,l?9 1 i Tem*®  Bar  InvKlment  Trua  PLC  will  be  held  at  The  Watermen's  Hall, 

■ S-rLondon  EP  on  24|h  March  19B6  Cop.es  ol  the  1985  Report  and  Account  can  be 

obtaned  ftnm  the  Company  Sectary.  Temple  Bar  MvMmenl  Trusi  PLC.  32  Si  Mary  al  Hil.  London  EC3P3AJ. 


UNRIVALLED  TRACK  RECORD 


IS 


r 

r 

r 

[r 

£ 

>ut 

2 

Ad 

2 

nit 

X 

The  Equitable  Life. 

Nimber  of  1st  and  2nd  places 
surveys  of  10  and  20  year 
with  profits  policies  for  the 
self-employed  as  published  by 
Planned  Sayings  magazine 
1977-19S5  Bidusive. 


NO  POLICY  CHARGES 


With  The  Equtable.  100°^  is  invested  right  aivay  We  do  not  ! 
use  capital  units  and  there  are  Bonus  Unite  tar  regular  sawn 
No  other  company  offers  tins  combination  of  benefits. 


§H3=]8U 


Almost  every  other  company's  charges  under  regular 
contribution  unit-finked  pofioes  effectively  cut  your  invest- 
ment by  as  much  as  5Wi  in  the  first  year,  or  even  the  first 
two  years.' They  may  do  that  through  kw  allocations,  or 
through  capital  or  initial  units -units  with  especially  heavy 
charges  year  on 


■ We  admit  that  deriding  which 
pensions  company  to  go  to  is  difficult. 

But  remember  that  your  choice  can 
mean  the  difference  between  tightening 
your  belt  when  you  retire,  or  continuing 
to  enjoy  a high  standard  of  living.  Examine 
the  evidence  ofthisadvertisementcarefully. 

Were  certain  you’ll  find  there  is  no 
company  that  can  offer  you  as  much  as 
Tile  Equitable  Life. 

So,  for  the  best  in  pensions,  write 
to  The  Equitable  Life,  FREEPOST, 
4 Coleman  Street,  London  EC2B  2JT 
or  call  us  direct  on  01-606  6611. 


In  all 


Founded 


ects,  you’ll  find  that  'Die 

Jtqui  table’s  effi 

holders  consistently  give  unrivalled  results. 

One  reason  is  that,  unlike  most  of  our 
competitors,  there  are  no  shareholders  to 
nibble  away  at  the  profits. 


The  Equitable  Life 

You  gain  because  we’re  different. 


How  to  invest  in  the  80’s 
for  growth  in  the  90’s. 

Our  conference  on  April  5 th  offers  the  individual  investor  an 
important  explanation.  Free  of  charge. 

We  will  be  assessing  the  present  and  future  financial  climate  to 
position  you  tor  a period  of  lower  inflation,  lower  interest  rates  and 
stock  market  growth. 

Jhe  pri£dpai  sphere  are  Sarah  Hogg,  economics  editor  of 
The  Times,  Eliot  Fried,  head  of:  Shearson  Lehmans  investment 
research  worldwide;  and  Tim  Congdon,  economics  partner  of 
L.  Messel  «Sl  Co.  and  contributor  to  The  Times.  They  will  be  offering 
timely  messages  for  the  serious  private  investor.  6 

We  in  vite  you  to  take  advantage  of  this  presentation.  Tickets 

are  limited. 

Ring  01-493  2002  during  normal  office  hours  or  apply  on  the 
coupon  below. 

nM',ra-  a™™*  W***.  13  Upper  cTTnoTs^iTOTdoJTwLX  9rT"  " ' I 

, ShearsonI 

LEHMAN  I 1 


at  Tlu'  Gawvnor  I 
Name; 


Address:. 


'An  American 


snJjjPfeaeompany  j - - 

-WL.A 


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Our  U.K.  Equity  Fund  came  out  top  over  the  last  two  years. 

measured  owr  '84  and  '55,  vb  wouldn't  be  seen  anywhere  elsa  In  fas.  all  our  Pension  Managed  Funds  appeared  in  tne  lop  e^hL)  UK F^ovictent,  Unitsd  KLigctom  rtaose,  Castle  SallsbuTy  SPi  3SH-  Te!;  SaTsfcury  (0722)  336242. 


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Vi  WEEKEND  FT 


Financial  Times  Saturday  March  221^:^y 


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Inebrne  Tax  Relief  1985/1986 


Electrostare  plc 

ABES  investment  in  an 
established  and  profitable  group  of  companies 

Offer  for  Subscription 
under  the  Business  Expansion  Scheme 

Sponsored  by 

Stratiss,  Turnbull  & Co.  limited 

Member  oEThe  Stock  Exchange 

Of  up  to  1,400,000  Ordinary  Shares  of  50p  each  at  60p  per 
share  payable  in  full  on  application 


The  ELECTROSTORE 
Advantages 

0 rretaxprofitsforecastof£l90f000 
for  the  year  ending  30th  JUNE  1986 

• Present  intention  is  fora  USM 
Listing 

0 Group  is  comprised  of  hvo 

manufacturing  and  one  distributing- 
company  covering  different  areas  of 
the  electronics  industry 

0 The  founder  company-formed  13 
years  ago  with  the  original  directors 
hilly  involved  andcommittedto  the 
future  expansion 

0 Excellent  spread  of  customers, 
products  and  suppliers 


The  BES  Benefits 

0 Up  to  60%  income  tax  relief 

0 No  capital  gains  tax  on  first  share 
sale 

0 Asset  levels  welhvithin  new 
Government  limits 

Opics  pjihe  pTPfpcclas  are  availabtefrom: 

Strauss,  Turnbull  & Co.  Limited 

SMoorgateJPlace 

London 

EC2R6HR 

Tel:  01-638  5699 

TIrtf  nii  ivrf iscmen  litnefan  imnlatbn 
io  subscribe  lift  or  purchase  any  shares. 


Stamp  duty 

Forward 
to  Big 
Bang  day 

IT  WAS  a better  Budget  for 
players  of  the  equity  market 
than  housebuvers.  Anyone 
spending  more  than  £30,000  to 
acquire  a home  will  still  be 
caught  for  1 per  cent  stamp 
duty:  but  from  October  27 — 
Big  Bang  day  in  the  City — the 
duty  payable  on  share  purchases 
will  be  halved  to  0.5  per  cent. 

The  cut.  not  wholly  unex- 
pected. was  accompanied  by  a 
widening  oF  the  duty  net 
scooping  up  areas — such  as 
trading  shares  in  the  stock 
exchange  account — that  until 
now  had  escaped  the  oldest  tax 
in  the  land.  Mr  Lawson  has  also 
put  paid  to  the  efforts  of  stamp 
duty  planners  who  have  been 
reducing  the  costs  of  takeovers 
by  playing  with  the  target  com- 
pany’s share  capital.  In  fact,  he 
is  capitalising  on  the  present 
hectic  level  of  takeover  activity 
by  imposing  the  duty  on  take- 
overs and  margers  in  general. 

The  dropping  of  the  duty  rate 
is  an  obvious  plus  factor  for 
anyone  who  invests,  although 
not  for  those  who  make  them- 
selves busy  trading  in  and  out 
of  equities  within  the  same 
account  to  avoid  paying  for 
their  shares. 

The  important  changes  as  far 
as  small  shareholders  are  con- 
cerned are  as  follows. 

• Until  now,  letters  of  allot- 
ment which  have  been  issued 
against  new  shares — when  a 
company  joins  the  stock  market 
nr  makes  a rights  issue,  for 
example— have  been  traded  free 
nf  stamp  duty.  After  the  Big 
Bang,  stamp  duty-  will  have  to 
be  paid  when  the  allotment 
letter  is  exchanged  for  shares 
if  the  person  is  not  the  original 
investor  who  was  allotted 
them. 

O Similarly,  the  0.5  per  cent 


duty  will  become  payable  on  all 
share  transactions  after  October 
27.  In  practice,  stamp  duty  has 
been  payable  only  when  the 
transaction  has  been  evidenced 
in  writing  and  where  the  share 
register  is  kept  in  this  country. 
Therefore,  the  punter  taking  a 
short-term  view  has  been  able 
to  buy  and  sell  a share  within 
ihc  stock  exchange  account 
period  without  payment  of  duty. 
There  are  exemptions,  such  as 
gilts  and  traded  options,  but  for 
the  most  part  a buyer  will  soon 
be  paying  stamp  duty  even  if 
shares  arc  held  for  just  five 
minutes. 

9 The  other  important  change 
is  that  transfers  of  loan  stock 
will  be  subject  to  0.5  per  cent 
duty  immediately.  Until  now, 
most  loan  stocks  had  been 
exempt.  Again,  there  are  some 
exemptions:  gilts,  those  in 
bearer  form  such  as  the  type 
dealt  on  the  Eurobond  market, 
and  those  stocks  with  a life  of 
less  than  five  years.  So  the 
popular  short-dated  local 
authority’  bonds,  the  yearlings, 
will  remain  free  of  duty. 

The  imposition  OF  duty  on 
trading  within  the  account  is 
obviously  the  most  important 
feature  for  many  active  share- 
holders. However,  an  extra  0.5 
per  cent  on  the  cost  is  unlikely 
to  deter  speculative  trading.  Of 
course,  after  the  Big  Bang  com- 
missions are  in  the  melting-pot: 
but  for  the  moment  the  cost 
structure  benefits  short-term 
trading. 

Taking  deals  in  the  £1,200  to 
£7.000  range,  commission  is  now 
charged  at  1.65  per  cent  plus 
VAT:  1.8  per  cent  in  all.  If  the 
investor  buys  and  sells  within 
the  account,  he  just  pays  the 
broker  1.8  per  cent  commis- 
sion and  that  is  that.  If  shares 
are  housht  in  one  account  and 
sold  in  the  next,  the  commission 
cost  is  doubled  and  the  present 
1 ner  cent  sramn  duty  is  par- 
able. lifting  dealing  costs  to  4.8 
per  cent 

Addin"  0J5  per  cent  to  the 
cost  of  the  arcount  trading  and 
decreasing  the  “long"  term 
investor’s  costs  by  a similar 
amount  dnpg  not  dramatically 
alter  the  arguments  for  account 
trartjn?  W™rh.  >n  etl  hone-tv. 
turn  on  the  investors*  reluc- 
tance to  pay  for  the  stock 
bought. 

Terry  Garrett 


—THE  EAGLE  STAR  FAR  EASTERN  TRUST— 


'33 


% 


Look  around  your  Home  or  office  and  you  are 
bound  to  see  a large  number  of  goods  made  in 
the  Far  East.  That’s  why  it  makes  such  sense  to 
invest  in  successful  companies  in  places  like 
Japan,  Hong  Hong,  Taiwan.  South  Korea, 
Singapore,  Malaysia  and  Australia. 

Now  you  can  share  in  the  success  of  Ihese 
companies  - by  investing  in  lhe  Eagle  S I ar  Far 
Eastern  Trust. 

Have\ou  Made  Big  Money? 

If  you  had  invested  3.000  in  our  Far  Eastern 
Trust  on  1st  October.  1985.  your  holding  would  have  a 
cash  value  now*  of  3334. 

That's  impressive  growth. 

So,  were  celebrating. 

On  behalf  of  all  the  people  who  invested  in  our 
Far  Eastern  Trust  when  it  was  launched  less  than  6 
months  ago.  And  who  now  find  themselves  much 
richer. 

To  celebrate  theirsuccess— and  to  make  if  even 
more  worthwhile  for  you  to  join  them  nowand  share 
in  the  continuing  fortunes  of  our  Far  Eastern  Trust, 
we  are  making  a very  special  offer  to  people  who 
invest  3,000  or  more  in  it  before  4th  April.  For 
details  see  opposite. 

•At  18th  March.  IASS. 

Note:  We  appreciate  that  6 months  is  only  a short  penod  of  time 
and  of  course  past  performance  is  not  necessanly  a guide  to  lhe 
luturc.  You  must  c'pcct  unit  pneos.  and  the  income  liom  them, 
to  fall  from  rime  to  rime  as  well  as  nse. 

The  Trust’s  Objective  t 


Japan,  lhe  leading  market  in  the  area,  is 
already  receiving  a major  boost  from  the  sharp 
drop  in  oil  prices.  Japan  is  totally  dependent 
on  oil  imports  - as  it  has  no  resources  of  its  own. 

But  oil  now  costs  Japanese  industry  only  about  a 
rhrrd  of  what  rt  did  a year  ago.  Imagine  what 
that  will  do  for  Japanese  competitiveness 
- and  Japanese  profits! 

The  prospects  throughout  the  area  continue  fo 
look  excellent. 

How  to  Invest 

The  Far  Eastern  Trust  is  available  to  everyone  aged 
IS  or  over.  Simply  decide  how  much  you  wish  to  invest 
(minimum  £500)  - then  complete  the  application  form 
and  send  it.  with  your  cheque,  to  Eagle  Star  Group. 
(LC43).  FREEPOST,  Bath  Road,  Cheltenham.  GL53 
3BR.  No  stamp  is  needed. 

Now  you  can  Invest  by  Phone 

Alternatively,  dial  100.  ask  for  FREEFONE  EAGLE 
STAR  and  speak  direct  1o  our  dealers.  They  will  be 
pleased  to  take  details  of  your  investment 
there  and  then.  You  can  also  obtain  further  __ 
informalion  about  this  (or  any  other)  EagleStar 
Unit  Trust  on  this  number.  Our  experts  will  be  available 
to  answer  your  call  from  8 a.m.  to  8 p.m.  on  weekdays 
and  from  10  a.m.  to  6 p.m.  at  weekends. 


Ter  Eagle  S*arl.-m?  Mjn.iqc'?  Limit-g  lIX-l  jj 

1 FREEWST.BiJhRood.Chcl1crtHi71.Qo'.  GL535ER 

I V:cnit»h  iihcsi  i. 1 minimum  £500} 

m Ihc-  Eagle  Stir  F.u  casvm  7nj-.i  \ riiotuc  made  p.j-.abfc  to 
EagU>  Swr  Uml  '.Lirucm  13  cr.clfs._ij. 


SPECIAL  OFFER 
FREESfimfine 
Solar  Calculator - 

(t-flu  mtest  0.000  or 
more  in  ihc  Eagle  Star 
Far  Eastern  Trust  before- 
Ami 4rh  APPLYTODAY. 


GENERAL  INFORMATION 


The  aim  of  this  Trusi  is  to  achieve  the 
maximum  possible  capital  growth  from  a range  of 
investments  in  Far  Eastern  companies. 

The  major  emphasis  will  be  on  Japan.  But  the 
Managers  will  also  invest  whenever  they  consider 
it  appropriate,  in  other  Far  Eastern  countries, 
such  as  Hong  Kong.  Singapore.  Malaysia  and 
Australia. 

All  Eagle  Star  Unit  Trusts  are  Rainbow 
Rated,  according  to  their  risk/reward  potentiaf. 
The  Far  Eastern  Trust  is  rated  Orange  - Higher 
Risk. 

Excellent  Prospects  for 
1986 

The  Far  East  contains  the  most  dynamic 
economies  in  the  world.  Why?  Because  the 
people  have  extraordinary  technical  ingenuity 
— plus  the  marketing  skills  necessary  toj 
that  ingenuity ' 
extremely  Iove^ 


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Eagle  Star  Group 

Eagle  Star  Unit  Managers  limited 
Eagle  Star  House.  Belli  Road.  Cheltenham.  Gk»GL53  710- 
1 The  information  contained  m ihlsaihcnhcmrnt  n bawd  upon  Eagle  Star'* 
ondersianrfHHi  ol  cuimil  lav-  and  Inland  Rcvcnse  practice. 


Price  rind  Yield.  Units  tvrl?  be  allocated  ot  the  “btiving"  price  nilinq 
01 1 the  date  ol  inccipi  ul  yuur  .ipplxa  non.  As  n guide,  the  “buying' 
pnccul  units  in  tins  Trustor  l83.Sb.wai  71.lp  and  Ihc  estimated 
gros  annual  income  was  |ust  under  IV 
1 No  Hidden  Charges.  Initial  cost'  ate  met  bv  a charge  ot  5*n 
L uhich  logeifw-rwith  a roundmg  adiuslmenl  ol  up  to  l - is  (alien 
iron  account  in  the  calculation  ot  "busing"  and  " selling' 

I prices  Normallythoie  is  a difference  between  Ihew 

K prices.  Ongoing  costs  me  met  by  .1  charge.  cunenihM'k  (plus 

" VAT}  a 'ear  (the  Trust  Deed  allc*vs  a maximum  ol  3'A»). 

t deducted  Irom  the  Trusts  income. 

tnc  omc.  As  the  aim  ol  Ifns  Trust  is  the  maximum  possible 
qnrjvih.  allinconw  will  automatically  be  reincesied  in  Ihc 

trust  on  jour  buhalL 

t Following  The  Progress  CM  Your  Investment.  Ufc  wilt 

send '.ou  a Contract  Note  within  7 days  and  a Unit 
Certiltcaie  usually  wtlHm  2S  days.  Both  ol  these  will  stale 
the  number  of  units  you  hace  bought.  Unit  prices  are 

t shown  in  The  Time*  and  the  Financial  Times 

Capital  Gains  Tax.  The  unit  liust  iiscll  1*  not  subject  lo 
capital  gams  tax  and  when  you  sell  wurtinii*.  vou  will  not 
haw  1 opau  this  la-,  unless  your  total  realised  gams  in  the 

ira*’  ear  exceed  the  hi*-liee  threshold,  which  ts  cunenil<: 

s*,j00 

Income  Ton.  Tux  at  the  biTSlcraic  1*  deducted  horn  the 
Trust  s income,  belon:  tt  is  reinvested  lor  you  by  the 

* managers.  II  you  ate  no  I liable  to  basic  rate  ta « . you  «" 
reclaim  the  amount  deducted.  Ityou  only  pay  i«ai  the 
haste  rate,  icu  wiU  have  no  further  tax  lo  pay.  If  you  are  a 
higher  rate  taxpayer,  you  will  haue  to  pay  the  addinoiwl 

t rate  of  lax  on  it. 

Trustee:  Midland  Bank  Trust  Company  Limilcd. 
Managen:  EagI*  Star  Lfoli  Managers  Limned.  Registered 
OHice.1  Thread  needle  Street.  London  EC2RSBE. 

^ Registrar!  The  Royal  Bank  of  Scotland  Plc- 


Inheritance  tax 


Mixed  blessing 


3b6eL 


THE  introduction  of  capital 
transfer  tax  CCTT)  in  1974  was 
regarded  as  a disaster  by  those 
who  were  planning  to  pass  on 
some  of  their  wealth  to  their 
children.  However,  this  week's 
abolition  of  CTT  on  lifetime 
gifts,  and  its  replacement  with 
an  “inheritance  tax"  modelled 
on  the  pre-1974  estate  duty,  is 
a mixed  blessing.  The  Budget 
reforms  have  several  stings  in 
their  tail. 

You  have  to  survive  seven 
years  after  making  a large  gift 
to  avoid  the  tax  completely  — 
and  at  least  three  years  to  pay 
tax  at  a lower  and  diminishing 
rate.  Equally  important.  Uie 
traditional  strategem  of  making 
a gift  with  strings  attached,  so 
that  you  can  retrieve  the  assets 
if  necessary-  will  no  longer  be 
possible.  The  Government  is 
introducing  tough  new  pro- 
visions to  close  the  CTT  loop- 
boles.  This  will  undermine  the 
effectiveness  of  the  present 
off-the-shelf  CTT  avoidance 
schemes  and  remove  most  of 
the  attractions  of  trusts  in  tax 
planning. 

For  the  wealthy  — those  with 
estates  approaching  £lm  or 
more  — the  abolition  of  CTT 
has  considerable  attractions. 
They  will  now  be  able  to  give 
away  a large  part  of  their 
wealth  tax-free.  For  families 
with  more  modest  estates  the 
benefits  are  less  clear,  particu- 
larly as  the  new  tax,  like  CTT, 
will  start  to  bite  on  any  estate 
worth  more  than  £71.000. 

Already,  insurance  companies 
have  withdrawn  the  main  types 
of  CTT  avoidance  plans  they 
were  marketing.  These  were 
the  discounted  gift  schems,  of 
which  the  most  popular  was 
marketed  by  Legal  and  General, 
and  the  “inheritance  trusts," 
which  made  use  of  interest-free 
loans.  The  present  value  of 
assets  in  these  plans  is  esti- 
mated at  between  £lJbn  and 
£1.5bn. 

If  you  put  some  of  your 
money  into  such  a plan  before 
Budget  day.  you  should  leave 
it  there.  Post-Budget,  such  a 
transfer  would  be  considered  a 
gift  with  rservation  and  would 
therefore  be  ineffectual.  If  you 
withdraw  the  money  with  the 
intention  of  giving  it  away 
again  later,  you  will  have  to 
do  so  unconditionally  and  then 
survive  for  seven  years  to 
avoid  the  new  inheritance  tax. 

Those  are  the  two  pitfalls 
now  confronting  everyone.  The 
first,  the  risk  of  your  heirs  con- 


fronting a hefty  tax  bill  because 
of  your  premature  death,  can 
be  eliminated  by  the  use  of 
life  insurance.  The  difficulty 
will  be  in  estimating  how  much 
tax  your  heirs  will  have  to  pay. 

A revival  is  expected  in  the 
types  of  term  insurance  con- 
tracts marketed  in  the  days  of 
estate  duty.  They  could,  for 
example,  guarantee  to  pay  all 
your  estate  duty  if  you  died 
prematurely  up  to  a maxium 
level  of  cover  specified  by  you. 
A more  flexible  type  of  contract, 
now  being  considered  by  Tri- 
dent Life,  would  allow  you  to 
vary  the  amount  of  cover  from 
year  to  year,  according  to  your 
estimates  of  the  value  of  your 
estate.  Any  surplus  element 
from  your  premiums,  which 
was  not  allocated  to  cover  the 
risk  of  death  each  year,  would 
be  invested  and  returned  to 
you  after  seven  years. 

FIRST  OFF  the  mark  with  a 
new  financial  product  in 
response  to  the  Budget  was 
the  merchant  bank  Hid 
SamueL  Its  Lifetime  Gift 
Plan  provides  insurance 
against  premature  death  after  . 
making  a large  gift  for  a term 
of  seven  years.  The  amount 
of  cover  falls  progressively 
over  the  seven-year  term  in 
line  with  the  potential  tax 
liability. 

A much  thornier  problem  will 
be  to  decide  if  you  can  afford 
to  give  away  irrevocably  a large 
part  of  your  wealth  long  before 
death  is  staring  you  in  the  face. 
In  the  past,  the  simplest  solu- 
tion was  to  put  your  assets  into 
a trust  and  appoint  some  faith- 
ful cronies  and  professional 
advisers  as  trustees.  But  the 
purpose  of  the  new  legislation 
is  clear:  to  stop  people  making 
"gifts"  for  tax  purposes  while 
retaining  effective  control  over 
th«  ultimate  destination  of  the 
gift 

The  new  legislation  will 
attack  the  use  of  all  trusts, 
except  for  accumulation  and 
maintenance  trusts  used  for 
children  and  youngsters  under 
the  age  of  25.  Only  gifts  made 
directly  to  these  trusts,  or  to 
individuals,  will  be  free  of  the 
lifetime  tax  charge.  Gifts  into 
other  trusts  will  be  subject  to 
standard  CTT  charge.  In  addi- 
tion. if  you  or  your  spouse 
retains  any  rights  to  benefit 
from  the  property  you  are  giv- 
ing away,  the  gift  will  be 
ineffective  for  tax  purposes  and 


added  back  to  the  value  of  your 
estate  when  you  die. 

Thus,  the  discounted  gift 
plans,  which  give  the  donor  the 
right  to  the  income  from  the 
property  he  bad  given  away 
until  his  death,  cannot  survive. 
The  same  goes  for  inheritance 
trusts,  which  give  the  trustees 
the  right  to  switch  the  trust 
property  back  to  the  donor. 

Wha  is  less  clear  is  whether 
you  will  be  able  to  use  a modi- 
fied form  of  inheritance  trust 
which  specifically  excludes  you 
and  your  spouse  (ai (hough  not 
necessarily  your  widow,  after 
your  death)  from  the  list  of 
beneficiaries. 

This  would  preserve  several 
of  the  attractions  of  the  inherit- 
ance trust.  You  could  dis- 
inherit a child  with  wham  you 
had  a bust-up  by  switching 
(through  the  trustees)  his  trust 
property  to  someone  else-  Also, 
by  making  an  interest-free  loan 
to  the  trust,  rather  than  a 
straight  gift,  you  could  recall 
the  money  at  any  time  should 
the  need  arise. 

Stuart  Chapoll,  of  accountant 
Neville  Bussell,  suggests  a 
further  possibility.  You  could 
provide  for  the  trust  to  be 
wound  up  and  the  trust  pro- 
perty handed  back  to  you  if^- 
some  contingent  event  occurred 

Note  that  gifts  will  only  be 
ineffective  under  the  new 
rules  if  the  donor  is  excluded 
from  any  benefit  from  the  pro- 
perty. Thus,  the  gift  of  a house 
from  father  to  son  will  be 
ineffective  if  the  father  con- 
tinues to  live  there.  But  if  the 
son  sells  the  bouse  and.  later, 
helps  out  his  father  financially, 
the  Inland  Revenue  is  unlikely 
to  probe  too  deeply  into 
whether  there  was  any  informal 
understanding  between  the  two 
at  the  time  the  gift  was  made. 

Some  people  will  doubtless 
decide  they  have  sufficient 
wealth  to  be  able  to  give  part  , . 
of  it  away  early  without  taking^.' 
any  risks.  This  might  apply 
in  particular  to  shares  in  a 
family  business  after  retire- 
ment. 

If  you  are  an  that  happy  posi- 
tion, be  sure  to  make  a move 
before  the  next  election.  It  is 
highly  likely  that  a further 
Labour,  or  even  Alliance, 
government  would  re-introduce 
some  form  of  capital  transfer 
tax.  And  if  the  new  tax  incor- 
porated the  tough  anti-avoid- 
ance measures  now  being 
introduced  by  the  Conserva- 
tives. it  would  bite  much  more 
deeply  than  its  predecessor  has 
done  over  the  past  12  years. 

Clive  Wolman 


ADVERTISEMENT 


BUILDING  SOCIETY  RATES 


Abbey  National 


Aid  to  Thrift 

Alliance  and  Lalcoster 


Share 

7.00 


•9.20 

7.00 


Sub'pn 

8.00 


8.00 


Anglia 


7.00  8.00 


Barnsley  

7.00 

9.00 

Bradford  and  Bingloy 

7.00 

8.00 

7.00 

Britannia  

700 

a 00 

Cardiff  

8.50 

a 60 

Catholic  

7.30 

8 30 

Conlury  (Edinburgh)  

885 

— 

Cholsoa  

7.00 

8.00 

Choltanhsm  and  Gloucester  

— 

800 

C bon  hunt  

700 

8.50 

City  ol  London  (The) 

7 25 

990 

Coventry  

7.00 

8-25 

Derbyshire  

7.00 

8.25 

Froma  Sol  wood  

7.00 

10.50 

Gateway  

7.00 

8.00 

Greenwich  

7.00 



Guardian  

7.65 



Halifax  

7.00 

8.00 

Heart  of  England  

7.00 

8.25 

Hamel  Hampstead  .. 

7.00 

8.60 

Hendon  

8.00 



Hinckley  and  Rugby 

7.00 

9.80 

Lambeth  

7.15 

8X5 

Leamington  Spa  

7.10 

— 

Leeds  and  Holbeck  .................. 

7.00 

8.75 

Leads  Permanent 

7.00 

8.00 

London  Permanent  

7.75 

Mldshlres  ........................... 

7.00 

— 

Momlngton  

9.10 

__ 

National  Counties  

47X0 

8.55 

National  and  Provincial  

7.00 

8X0 

Nationwide  

7.00 

- 

Nowcostio  

7.00 

8X5 

Norwich  

7.00 

8.2S 

Peckham  

7.65 



Peterborough  

7.00 

8.30 

Portman  

7.00 

9.2S 

Portsmouth  

7.15 

8.65 

Property  Owners  

7.50 

9.00 

Rogoncy  

7.00 

Scarborough  

7.00 

8 25 

Skip  ton  

700 

9.25 

Stroud  

7.00 

8.2S 

Sussex  County  

7 00 

8.60 

Thrill  

800 

Town  end  Country  

7.00 

— 

Wessex  ................ 

9.50 

Woolwich  

7.00 

— 

Yorkshire  

7.00 

8X0 

All  thau  per  cent  rates  ara 


Other 

^'WB  ®*ar  acC- — Instant  access/no  penalty 

9.50  Higher  Interest  account  90  days*  notice  or  chargo 
5.50-8.81  Cheque  Save 

9. OS -9.50  " Clfy  ” Cheque- Saw 
— • Easy  withdrawal,  no  penalty 

Premium  Plus  mln.  £500,  immediate  withdrawal  (penalty 
«« « r a e 1 .intore3t  annually/mthly. 
9-25  G^j  Pl ,u*  F2,BOO+-  8.75  minimum  £500,  Immediate 
withdrawal,  interest  annually/monthly 

8.75  Banksave  Plus  balance  £2.500+,  7.75  under  £2,500 
current  account  minimum  initial  investment  £500 

9.00  Instant  Gold  {250-C4999  no  noUce/penalty 

9. 50  Instant  Gold  £5,003-E9^99  no  notice /penalty 

9.75  Instant  Gold  £10,000+  no  notice/penalty 

9.80  Summit  account-- £1X00+ —3  months*  notice 

8 85  Special  invest.  (28  days*  notice)  8.85  monthly  inc.  a/c 

9.H)  No  notice  no  penalty  on  up  to  2 withdrawals  per  annum 
9.75  3 months'  notice  without  penalty  ¥ n 

5 S r,-000+  No  notice.  No  psna'tv 

9.30  £10X00 +,  9.55  £5.000+,  9.30  £1.000  + 7 Jay  notice 
Bonus.  Monthly  Income  rates  9.05,  9.30,  9 55 
3_momh  B«oum.  £5,000+.  3 months'  nodes 

9 55/9.25  Trident  Gold  instant  access  minimum  repp 
9.80  90  days'  notlco  or  penalty  If  balance  under  £10.000 
9 30  30-day.  £1.000+  monthly  Interest  reinvested/paid 
9.30  Guaranteed  rate  Z/3  years  (or  variablo  account) 

^ S V^a,1drawal  Pen.  or  3 months'  notica 

9.75  Cheltenham  Gold.  No  not./nens.  £10.000+  97s  n raw 
£9.999  9.50.  E500-E4.999  9.&  Un*r  £§» 

9-80  Instant  access — no  penalty — minimum  £2,500 

9.85  3-yoar  bond  £1.000 + , close  90  days*  notice  and  nrou.it,. 

monthly  income  option,  guaranteed  2X5  riiHn.om?^^r 
9.55  Moneymaker 

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9.50  Capital  Bonds  3 y^^s  Std°^5'  22 

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Yesterday’s  science  fiction  becomes 
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FINANCIAL  PLANNING 
FOR  THE  INDIVIDUAL 

by  Alan  Kelly,  Partner,  Grant  Thornton 

With  new  schemes  and  new  legislation  keeping  consumers  and  advisers  on 
their  toes,  the  demand  for  information  on  personal  financial  planning  has  never 
been  greater. 


FINANCIAL  PLANNING  FOR  THE 
INDIVIDUAL,  a new  Financial  Times  handbook 
written  by  Alan  Kelly,  was  originally  based  on  the 
successful  course  run  by  The  Institute  of  Chartered 
Accounfants'in  England  and  Wales.  If  now  covers 
additional  subjects  and  new  information. 

The  author's  experience  is  wide  and  highly 
regarded.  He  has  designed  the  book  for  clarity 
and  ease  of  reference,  with  checklists  of 
advantages  and  disadvantages,  detailed 
examples,  and  a fully  cross- 
referenced  index. 

The  introduction,  which’ 
discusses  the  purpose  of. 
planning  and  the  professional 
adviser's  role,  precedes  a key 
.chapter on  Investment 
Planning  outlining  the  stages 
in  this  process,  ond’the- 
various  savings  and 
investment  media  available. 

The  author  discusses  the 
merits  of  each  in  an  overall 
plan,  and  gives  examples  of 
typical  investment  portfolios 
with  their  financial 
implications. 


ORDER  FORM  Please  relum  to:  PatWinfon,  Publications  Marketing  Dept,  financial  Times  Business  Information, 

i 02  Oerkenwell  Rood,  London  EC1M5SA  Tel:  01-25]  932U  Telex:  23700. 


Descriptive  chapters  follow  on  Unit  Trusts  and 
Investment  Bonds  * the  Business  Expansion 
Scheme  * Pensions  for  Directors  * Pensionsfor 
the  Self-Employed  * Life  Assurance  * TpJc 
Planning  * Capital  TransferTax  * Mortgages  * 
School  Fees  * Wills  * Appendices  giving  a 
specimen  planning  questionnaire,  details  of 
retirement  ages,  estates  under  intestacy  and 
further  reading. 

A page  of  addenda  will  coverthe  changes. 

brought  in  by  the  1986 
Budget- 


Published  February!  936  by 
FINANCIALTIMES 
BUSINESS  INFOR/MTION 
in  association  with  The 
Institute  of  Chartered 
Accountants  in  England  and 
Wales. 


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Please  send  me  __  copy/copies*  cf  FINANCIAL 
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• FINANCE &THE  FAMILY  BUDGET  SPECI  AL 


Personal  Equity  . Plan 

Big  stakes  but 
small  profits 


Pensions 


Homes  for  the  workers 


MARKETING  managers 

throughout  the  savings  industry 
were  enthusing  this  week  over 
Chancellor  Nigel  Lawson's  plan 
to  lure  small  investors  back 
into  the  equity  market  through 
so-called  Personal  Equity  Plans. 

“ It  brings  the  Big  Bang  into 
the  High  Street.*'  claimed  an 
executive  at  one  of  the  top 
clearing  banks,  busily  plotting 
how  to  combine  the  investment 
expertise  of  a newly  acquired 
stock-broking  firm  with  the  mar- 
keting. muscle  of  thousands  of 
bank  branches. 

However,  some  savings  execu- 
tives were  worried  about  how 


Ptt 
Esurry] 
Plan 


be  necessary  to  use  direct  mail 
shots  and,  perhaps,  joint  deals 
with  banks  and  other  organisa- 
tions which  had  retail  chains. 

Fred  Carr,  of  stockbroker 
Capel-Cure  Myers,  thought  the 
PEP  scheme  was  a “great  idea” 
but  had  doubts  about  the 
economics.  “It's  difficult  to 


i< 


THE  CHANCELLOR  has  given 
the  green  light  for  pension 
mortgages  to  employers.  T-hat 
was  the  message  being  given  by 
at  least  one  top  life  company 
executive  after  the  Budget. 

This  claim  is  based  on  a short 
remark  by  Mr  Lawson  in  his 
speech:  “I  intend  later  this  year 


statement  means  that  em-  sum.  Nevertheless,  tfc*  P®*®  ’ 
ployees  coming  out  of  their  tial  for  pension  mortgages  o> 
company  scheme  and  taking  a employees  using  personal  im- 
personal pension  plan  can  use  sions  v considerable, 
it  to  repay  their  mortgage  on 
the  same  tax  efficient  terms  as 
the  self-employed. 

However,  the  commutation  of 
personal  pensions  is  not  solely 


However  this  statement  does 
not  clarify  one  essential  feature 
concerning  the  tax  treatment 
of  personal  pensions.  Under  a 
self-employed  pension,  contri- 
butions are  paid  gross  to  the 


SSie  tX  abt^to^erve  tote  \ tTSish  detailed  propels  ibe  prerogative  of  the  Inland  sT^mployed 

52 J?rc  ! designed  to  give.persooal  pen-  Revenue.  The  Department  of  “SlSmS  tax  relief  « his 

or  her  tax  assessment. 


bJ&vetxrr 


SVsKSKm?  j ss  ^ Mss? 

"you  hav^  mo^l  ohlSon  ! enjoyed  by  retirement  anau.- 
to  monitor  your  clients’  invest- : ues‘ 

merits.”  The  danger  was  that  [ These  pension  contracts, 
the  PEP  arrangements  would  i mainly  for  the  self-employed, 
let  in  what  be  called  the  “ dial  I allow  investors  to  take  about 
and  smile  " species  of  licensed  ! one  quarter  of  the  accumulated 


tives  were  worried  about  how  ft  DtvtK&J&Ycn,  SmT 
they  could  possibly  make  pro-  j-rs  DfirfS 

fits  out  of  running  PEPs  which  - - --  ■ 

could  be  on  economically  small. 


at  least  in  the  early  years.  And 
the  Unit  Trust  Association  was 
preparing  to  mount  a protest 
about  being  left  out  of  the  fun, 
because  PEP  investors  will  have 
to  buy  company  shares  directly 
through  the  stock  exchange. 

Phrases  such  as  11  popular 
capitalism  " and  “ share-owning 
democracy,”  which  rolled  off 
Nigel  Lawson’s  tongue  on  Tues- 
day, made  it  clear  that  the  PEP 
scheme  has  a very  political 
motivation.  It  is  designed  to 
give  people  a direct  personal 
stake  In  British  business  and 
industry,  and  reverse  the  trend 
for  people  to  invest  through  in- 
stitutions such  as  pension  funds 
and  unit  trusts.  . . . 

The  clear  danger  in  such 
circumstances  is  that-  politics 
might  distract  attention  from 
the  fact  that  the  primary 
objective  of.,  investment  is  to 
make  mooey. 

Any  investment  adviser  will 
tell  his  client  that  prudent 
equity  investment  requires-  the 
purchase  of  a 
different  stocks 
spread  -of -risk),-- each- -of- tr 
reasonabie  size  so  that  dealing 
costs  will  not  be  proportion- 
ately too  large.  It  is  going  to 
be  almost  impossible  to  meet 
these  criteria  in  respect  of 
PEPs  in  the  first*  few  years, 
given  that  the  annual  limit  on 
investment  is  to  be  £200  a 
month,  or  £2.400  a year. 

Briefly.’ the  scheme  will  allow 
formal  relationship  to  be  set 
up  between  an  investor  and  an 
authorised  PEP  manager — 
which  could  be  a stockbroker, 
a bank,  a licensed  dealer,  or 
some  other  kind  . of  financial 


meats  will  be  Invested  in  UK 
shares,  listed  on  the  stock 
exchange  or  traded  on  the 
(JSM.  The  investor  will  have 
the  option  of  handing  over  dis- 
cretionary control  of  bis  port- 
folio to  the  PEP  manager,  but 
the  investor  must  always  have 
beneficial  ownership. 

The  tax  benefit  arises 
because  29  per  cent  Advance 
Corporation  Tax  can  be  claimed 
back  on  the  dividends  by  the 
PEP  manager;  moreover,  the 
investor  is  not  liable  to  higher 
rates  of  income  tax  on  the  divi- 
dends. Also,  capital  gains  tax 
does  hot  apply  to  switches 
within  the  plan,  or  to  the 
profits  nn  ultimate  termination. 
A PEP  will,  therefore,  be  a 
tax-free  roll-up  scheme. 

Paul  Bateman,  development 
director  of  the  Save-and-Prosper 
Group,  was  fuming  about  the 
exclusion  of  unit  trusts,  but 
nevertheless  was  confident  that 
S & P would  be  ready  to  put 
number  of ' something  on  the  market. 

(to  give  a.  Last  year,  SAP  bought  the 
private  • client  section  - of 
medium-sized  stockbroker  Mon- 
tagu LoebI  Stanley,  partly  be- 
cause of  the  chance  that  a 
wider  share  ownership  scheme 
would  be  promoted  by  the 

-rrimmL 

“Our  obpective  would  be  to 
devise  a scheme  which  would 
work  down  to  £50  a months 
said  Bateman.  He  was  not  yet 
sure  if  this  could  be  achieved, 
but  a £100-a-month  plan  was 
certain  to  be  economic. 

. According  to  Bateman,  the 
tax-free  roll-up  aspects  of  the 
PEP  arrangements  would  be  . a 


dealers  who  might  not  be  too 
scrupulous  about  chnming  their 
clients'  portfolios. 

The  big  investment  and  insur- 
ance groups  * are  generally 


value  in  a tax  free  lump  sum. 
This  forms  the  basis  of  pension 
mortgage  schemes  for  the  self- 
employed— a method  of  repay- 
ing a mortgage  that  is  highly 


reacting  cautiously.  “ It’s  an  • efficient  and  thus  Popular, 
■interesting  newcomer.”  said  Joe  | Interpreted  literally,  this 
Palmer,  chief  executive  of  Legal  ; 
and  General.  I 

Like  most  potential  PEP  ! ■ — 

managers.  L and  G was  con-  j 
cemed  about  the  high  costs  of  j 
the  first  year  or  two.  And 
although  PEPs  could  build  up  ! 
to  something  worthwhile  within  ' 
a few  years,  there  was  then  the  . 
risk  that  clients  would  move  l 
them  somewhere  else  just  when  : 
they  were  about  to  start  making  ; 
money  for  the  original  manager,  j 
Life  offices  like  more  security  j 
than  that . I 

The  stage  is  now  set  for  con-  ! 
saltations  with  the  savings 
industry,  as  the  fine  print  of  the 
PEP  scheme  is  worked  out  in 
time  for  the  first  investments 
to  be  made  at  the  beginning  of 
January  1987.  It  is  not  clear, 
for  example,  if  PEPs  will  be 
allowed  to  buy  investment 
trusts  (which  are  very  similar 
to  unit  trusts  in  concept). 

From  relatively  small  begin- 
nings, the  PEP  scheme  could 
■grow  considerably-  over  the 
years.  A married  couple  could 
put  in  £4,800  a year;  .with 
reasonably  compounding,  that 
could  swell  to  more 


Health  and  Social  Security  is 
concerned  at  least  with  that 
pan  of  the  pension  secured  by 
the  minimum  contribution.  This 
is  regarded  by  the.  DHSS  as  the 
Guaranteed  Minimum  Pension 
(GMPs).  equivalent  to  the  pen- 
s!nn  provided  by  the  State 
Earnings  - Related  Pension 
Scheme  (Serps)  and  is  thus  not 
commu  table. 

Only  the  pension  secured  by 
contributions  above  the  mini- 
mum will  be  available  for  com- 
mutation into  a tax  free  lamp 


On  company  pension  airange- 
ments,  the  employee  has  his 
pension  contributions  deducted 
at  source:,  the  tax  relief  is 
credited  automatically. 

It  would  be  administratively 
convenient  for  contributions 
to  a personal  pension  to  be 
paid  net  of  basic  rate  tax— a 
Miras  style  arrangement.  A 
point  for  the  Treasury  to  bear 
in  mind. 

Eric  Short 


Charities 


Incentive  to  give  more 


HIDDEN  in  the  small  print  of 
this  week’s  Budget  was  a tax 
provision  which  could  boost 
donations  lo  charity  by  one  par- 
ticular group  of  possibly 
affluent  people — directors  and 
shareholders  of  private  com- 
panies. 

The  Chancellor  briefly  indi- 
cated in  his  speech  on  Tuesday 
that  ne  was  abolishing  the 
£10.000-a-year  upper  limit  on 
covenanted  donations  for  which 
individual  taxpayers  can  claim 
] higher  rate  income  tax  relief, 
than  I Charities,  which  cen  claim  back 
£30,000  within  five  years  and  ; the  tax  and  so  add  to  the  value 
around  £75,000  after  10.  i of  the  gift,  would  benefit  if  this 
But  will  small  investors  be  I bought  forth  larger  donations 


institution  which  has  set  up  the  good  selling  factor.  But  it  would 
appropriate  facilities.  ■ . not  be  economic  to  sell  PEPs 

Monthly  or  annual  inslal-  through  salesmen,  and  it  would 


able  to  play  the  stock  market? 
Probably  not  for  quite  a while. 
They  can  expect  PEP  managers 
to  insist  on  maintaining  dis- 
cretionary control  over  the 
portfolios  until  the  accounts 
grow  quite  large — perhaps  to 
£20.00i>  or  more.  Only  then  will 
PEP  investors  enjoy  the  free 
ran  of  the  market  place. 

Barry  Riley 


from  the  wealthy. 

This  announcement  by  Mr 
Lawson  attracted  much  less 
comment  than  his  other  moves 
to  help  charities.  Few  charities 
expected  to  gain  much  from  the 
abolition  of  the  £10.000  limit — 
because  only  a handful  already 
receive  individual  covenanted 
gifts  remotely  approaching 
£10.000. 

There  was,  however,  some 


logic  to  Mr  Lawson's  move  — 
even  if  it  was  concealed  be- 
neath the  technical  language  of 
an  Inland  Revenue  press  state- 
ment. 

The  real  thrust  of  Mr  Law- 
son's move  will  probably  be 
towards  removing  a tax  anomaly 
which  has  arguably  treated 
charitable  donations  by  private 
companies  less  favourably  than 
those  made  by  public  com- 
panies. 

Under  tax  legislation  passed 
in  the  early  1970s.  most  com- 
panies can  enter  into  covenants 
for  four  or  more  years  in  favour 
of  a charity  and  then  deduct 
from  the  annual  payments  in- 
come lax  at  the  basic  rate 
applying  to  individuals.  The 
charity  then  reclaims  the  tax 
from  the  Inland  Revenue.  The 
after-tax  cost  to  the  company  is 
thp  eroBc  amoimtof  the  gift  less 
corporation  tax. 

The  problem  is  that  some 
companies — known  as.  ” close 
enmnanies  " — arp  affected  by 
special  rules  aimed  at  prevent- 
ing tax  ayoidance  by  their  direc- 


tors and  shareholders. 

A close  company  is  defined 
as  a company  controlled  either 
by  five  or  fewer  participators 
(which  normally  means  share- 
holders). or  by  its  directors. 
Under  the  1972  Finance  Art. 
a charitable  covenant  paid  by 
the  company  may  have  to  b" 
“apportioned"  — or  divided 
equally  — among  its  participa- 
tors. 

This  means.  ‘ in  effect,  that 
the  covenant  is  treated  for  ts:: 
purposes  as  part  of  each  indi- 
vidual's tax  assessment  — with 
the  result  that  a gift  made  by 
the  company  could  take  i.b.' 
individual  participator  over  th^ 
£10,000  limit  on  the  covenanted 
donation  for  which  he  can  claim 
higher  rate  tax  relief. 

By  removing  the  £10.000 
limit.  Mr  Lawson  has  taken 
away  a possible  disincentive  for 
gifts  by  companies  and  their 
directors  and  shareholders  — 
giving  them  added  scope  for  tax- 
efficient  donations. 

Nick  Bunker 


?. 


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PROHTS.  Such  debts  w3  be  secured,  normally  by  a mortgage 
over  LAND  AND  BUILDINGS.  John  D.  Wood  are  Consultant 
Surveyors  and  Valuers. 

Tax  Relief  - the  Company  began  trading  in  July  1 985. 
INVESTORS  SHOULD  RECEIVE  THEIR  TAX  RELIEF 
CERTIFICATES  WITHOUT  DELAY. 

The  Mmtagement  Team  only  share  in  net  asset  growth  after  the 
first  1 0%  p.a.  (net  of  tax)  increase.  THIS  IS  MORE  BENEFICIAL 
FOR  SHAREHOLDERS  THAN  IN  SEVERAL  OTHER  BES 
OFFERS. 


APPLY  BEFORE 5th  APRIL  1986 


ff  YOU  HAVE  A PROSPECTUS  SBtD  IN  AN  APPLICATION 
FORM.  IF  YOU  DONT  TELEPHONE  US  ON  01-242  2563  (OPEN 
SUNDAY  10.00am-4pm). 


To:  Chancery  Securities  PLC,  1 2 Northtngtan  Street,  London  WC1 N 2NW. 
Telephone:  01-342  2S63 

Please  send  me  a copy  o*  the  Prospectus  otHoneygm  Assured 
Construction  PLC. 


FINANCIAL  SERVICES 

A Financial  Services  team  would  be 
interested  in  a move 

Qualifications:-  Registered  Insurance  Broker 
licenced  Dealers 
Unit  Trust  Manageis 

Accountants 

We  want  to  concentrate  on  the  following:- 

Unit  Thist  Management 
Tax  Planning  & Life  Assurance 
Pensions  - Corporate  & Personal 
Corporate  Finance  & Share  Dealing 

AH  propositions  considered.  Further  information  from: 
Box  F6391,  Financial  Times,  Bracken  House, 

10  Cannon  Street,  London  EC4P4BY 


Management  Courses 


FINANCE 

Lines  of  credit  up  to  £5m  arranged  by  qualified  Bankers 
for  individuals/corporates  with  viable  proposals. 
Special  expertise  in  corporate,  property  and 
international  transaction. 

Write  or  telephone  with  details: 

HOLGATE  & ASSOCIATES 

4/6  Bury  Street,  London  SW1Y  6AB 
Telephone:  01-930  G472 


For  People  in  Personnel,  Management.  Psychology 

A Tribute  to  Raymond  Cattell 
Author  of  the  16PF 

Developments  in  personality,  management  team  building, 
motivation  and  other  related  topics — papers  by  distinguished 
British  and  European  psychologists. 

Professor  Cattell  discusses  his  own  life's  work  in  a 40-minute 
video  presentation. 

LONDON:  2 April  SHEFFIELD:  3-4  April 

Independent  Assessment  and  Research  Centre 
01-486  6106 


Businesses  £or  Sale 


NoneL 


Address. 


REF 


BUSINESS  EXECUTIVE/ 
COMPANY  SECRETARY 

Mature  qualiriad/axparMnced  cam* 
pany  lacretary.  manager,  adminis- 
trator with  business  acumen.  Appre- 
ciation of  corporate  secretarial, 
lapel  financial,  personnel,  managa- 
mant  and  computing.  Offers  first 
clans  service  — full,  port  time  or 
consultancy  basis,  to  90I0  pro. 
prietnr/small  ro  medium  sized  firm 
or  partnership,  based  within  SO 
mites  radius  of  Reading,  Berkshire. 
Excellent  tolerances. 

Please  reply  ro  Box  F63S3 
Financial  Times 

10  Cannon  St.  London  EC4P  4BY 


BUSINESS  FOR  SALE 

If  you  want  to  buy  or  invest  in  a business 
VENTURE  CAPITAL  REPORT 
provides  c.  500  specific  opportunities  each  year 
For  free  sample  and  full  details: 

VCR.  30  Baldwin  Street,  Bristol  1 
Telephone:  0272  272250 


INVEST  IN  PLEASURE! 

Ideal  investment  lor  your  Company 

Buy  a freehold  room  in  a new  4-star 
Hotel  overlooking  rhe  Mijes 
Championship  Golf  courses 
Near  Marbella.  Spain 

• 4 weeks  free  use  each  year  for 
you  or  your  stall  or  clients 

• Return  on  capital  by  sharing  In 
hotel's  total  audited  profits 

• Capital  appreciation  on 
investment  as  freehold  increases 

For  more  details  ting: 
Routiadge  & Cooper.  Bishop's 
Stanford  - Tel:  0279  506555 
Telex:  817547  APEX  BC 


Business 

Services 


Offshore  &UX 
■*—  Companies1 

Incerpenrtkm  and  management  tn  UK. 

Isle  of  Nan,  Chaanal  Istrnds,  Turks, 

Panama,  Liberie,  (Hbranar,  Kong  Kong, 

etc.  OondcWary  and  nominee  aewlcas. 

SELECT  CORPORATE  SERVICES  LTD. 

3 Mount  Pleasant.  Douglas,  tale  ol  Man 
Teh  Douglas  (0B2S)  23718 
Teles:  G28554  SELECT  G 
London  representative; 

2-5  Old  Bond  SI. 

London W1 
Tel:  81-483  4244 
Tetac  28247  SCSLDN  Q 


BUSEVESS  FOR  SALE 

Progressive  company,  excellent  premises,  with  good  prospects, 
engaged  in  the  manufacture  of  industrial  and  electrical  and 
electronic  control  systems,  electrical  panels,  process  control 
equipment  products,  industrial  design  and  development,  software 
packages,  industrial  consultants. 

Located  in  the  south,  close  to  the  M3  junction  I and  M2S  function 
25  motorways.  Heathrow  Airport  and  British  Rail  Upper  Halliford 
Station. 

TURNOVER  APPROX.  £300000  P.A. 

FUkL  TRADING  FIGURES  AVAILABLE  ON  REQUEST 
POSSIBLE  TAX  LOSSES  AVAILABLE  SUBJECT  TO 
REVENUE  AGREEMENT  J U 

For  further  rfetoifs  pleose  contact: 

Gerald  Hyam  FCA.  Liquidator  or  Brinsley  C Douglas 
c/o  Messrs  Langfords,  23  Bentinck  Street 
London  W1M  5RL 
Telephone:  01-486  7841 


•k 

★ 

★ 


t; 


WE  ARE  A BX5.  APPROVED 
TRADING  COMPANY 

Wa  have  reread  a substantial  part 
of  the  BES  funds  required  and  are 
rooking 'for' a further  £100.000  lo 
complete  our  funding  in  this  lax 
year.  Coma  and  talk  m us  about 
gur  business  plan  which  does  net 
da  pend  upon  asset  appreciation  but 
Is  based  on  trading. 

Ring  Ridley  Burnett  01*637  2156 


THE  LOCH  NESS 
WELLINGTON  ASSOCIATION 
LIMITED 

|A  registered  charity) 
seeks  sponsors  to  finbit*  thy  recoww 
of  the  front  win  turret  from  Welling- 
ton bomber  MR  for  Robert"  lost  during 
the  salvage  operation  In  September 
1985.  Media  Interest  considerable. 
Please  write  to  the  Association  at 
MeeatbaltOn  Salldlepi, 

31-35  GreisflMrfcet.  Edmuurgh  CHI  2HT 


100%  (BA 

QUALIFYING  PREMISS 

FREEHOLD.  NIL  LAND  COST 
5.220  SQ  FT  4 4,500  SQ  FT 
Salford  Enterprise  Zone,  Vn  M602 
For  details  by  return: 

I P.  A.  HARDEE 
I Bibton  (0902) 
CHANCEL  45453/41388 


FED  UP?  FATIGUED?  SO  WAS  I.  Exciting 
buslnen  opportunity  available.  Call 
Edmund  Glaister.  01-736  0367. 

AVOID  AUDIT  COSTS  for  non-tndlng 
eomnenies  Details  from  Mile*  Mancfc. 
Certified  Accountants.  5 South  Mol  con 
Street.  London  WIT  1DH.  01-193  4442. 


Businesses 

Wanted 


A public  Coapany 

SEEKS 

\ — TO  BUY: 

LOCAL  PLANT  HIRE  BUSINESS 
with  office  and  workshops  in 
Hertfordshire  or  conllyuous  areas 

2 — TO  RENT: 

TRANSPORT  PARKING  FACILITY 
in  same  locality  with  use  of  office 
and  workshop  or  permission  to 
Inslal  office  end  smell  workshop 
replies  in  confidence  to: 

Bat  H0BT2,  Financial  Times 
fO  Cannon  St.  London  EC4P  4BY 


PROPERTY  DC  VELOPEW  INVESTOR  with 

sound  Snanclal  resources  »dn  partners 

in  the  South  or  England  «riui  prime  litas 

and  flood  Ideas.  Why  Mil  our  non! 
Retain  a n rentable  Involvement  In  a 

leint  venrura  with  a nubile  company 

partner.  Wrlle  Bos  H.0696.  Financial 
Times.  10  Cannon  Street,  London.  EC4P 
4BY. 


Richard  Jordan  (Marine)  Ltd 
in  receivership 

HIGH  QUALITY  YACHT  BUILDERS 
Offers  lnvnr-4  for  Moulds  for 

SOVEREIGN  400 

40FT  FAST  CRUISER  RACER 
Designed  by  Rob  Humphreys 
Woodworking  equipment.  Slock, 
purpose  built  oramiscs  end  skilled 
workforce  probably  available 
Apply  Receivers  Agents: 

WELLS  CUNDALL 
. Hull 

(0482)  25634 


FOR  SALE 

MITCHAM  PLATING 
WORKS  LTD.  • 

This  established  business  19  open 
to  offers  for  sale 
For  further  Information 
pir.ase  contact: 

G.  R.  Payer 

Alfred  Simmons  (Taxation)  ft  Co 

Chancery  House.  3 Hatch  lands  Rd 
Redhill,  Surrey 
Tel:  Redhill  62728 


AVON/SOMERSET 
Wholesale  House  Plant 
Import  Nursery  Business 
Turnover  £300.000  pa 

FREEHOLD  SITE  WITH  GOOD 
POTENTIAL  FOR  EXPANSION 
Attractive  proposition  as  going 
concern  or  for  similar  buairtosp 
company  seeking  area  distribution 
centre 

...  . _ £120.000  -4-  SAV 

*0689.  Financial  Times 
10  Cannon  St,  London  EC4P  4BY 


Ff. 


READERS  ARE 
RECOMMENDED  TO 
SEEK  APPROPRIATE 
PROFESSIONAL 
ADVICE  BEFORE 
ENTERING  INTO 
COMMITMENTS 


GERMAN  SPi 

n®*^  900  facilities.  Sum 
to  .epanments 

note!.  £300.000  negotiable. 

,,  -Contact: 

Griat. jan™ stri 

London  WC1  - Tel:  01-242  DSt 


n,6*5  limited  car 

January  1983  abex 
. £100,000.  No  Ossets.  - Alt*  rteirw  ... 
Ross-on-Wye  641S4.  * 


THE 

BUSINESS 

SECTION 

will  now  be  appearing 

every  Saturday  and  fared. 

,n  _«•*  Financial  Times. 

• For.  further . details  ; 

. please  contact 
- . Penny  Scott  qn 

61-248  8000  ext  374fi. 


WEEKEND  FT  XX 


•/  •*  " 

. :-i%San«aI'  Ti«ies  Saturday  March  22  1986 


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Business  Expansion  Schemes 

Sack  where  it 
ought  to  be 


Tax  changes 


Jam  next  year 


r\A^y^± 


New  Records 

from  independently  managed  investment  trust 


IX  tASt  WEEK’S  Spectator. 
Mtehotas  Coleridge  wrote  about 
• ituv  jra«!5::a  darde  of  the  City, 
their  shiny  spurt*  care,  com* 

pany  plastic  and  talk  o£ 
. *•  Philip's  EES  scheme  £or  im- 
porting retsLaa”  and  the 
£259,000  he  raised  over  “ three 
lunches  at  S wee  Lings.” 

. Philip's  rctsina  days  arc  over. 
In  Tuesday's  Budget.  thn  Chan- 
o' Hot  hs'  everyone  expected, 
weeded  but  the  most  obrinus 
abuses— fine  wines,  art.  antiques 
and  asset  bucked  ventures— 
{root  the  business  expansion 
scheme.  • But  ht?  also  imple- 
mented radical  changes  to  in- 
vestors’ rights  under  the 
scheme,  -which  will  transform 
its  potential  as  an  investment 
opportunity. 

The  scheme’s  original  attrac- 
tiun  to  investors  was  that  it 
offered  generous  lax  advantages. 
Unsurprisingly,  Peal  Marwick 
Mitchell’s  report  no  rlu*  scheme 
found  that  73  per  cent  of  in- 
vestors were  attracted  to  tl 
because  of  the  tax  benefits, 
while  just  10  per  cent  invested 
to  secure  a high  return. 

By  abolishing,  capital  Cains 
tax  on  the  first  salp  of  shares 
purchased  under  the  scheme, 
the  Budget  has  given  investors 
a real  incentive  to  plump  tor 
issues  with  high  growth  poten- 
tial and  has  made  it  much  more 
diitirult  lor  the  more  nebulous 
schemes  to  raise  capital  in 
future. 

By  redefining  the  business 
expansion  scheme  a:;  an  invest- 
ment opportunity,  rather  than 
as  a cunning  tax  wheeze,  the 
Chancellor  is  likely  to  encour- 
age a wider  range  of  investors 
to  use  it. 

Thus  far,  the  scheme  has 
been  dominated  by  affluent 
investors.  Although  Peat's 
report  found  that  it  has 
attracted  same  investors  on  the 
basic  tax  rate.  75  per  cent  have 
been  drawn  from  the  top  (ax 
bracket 

“In  the  past,  the  business 
expansion  scheme  has  been 
viewed  as  a slightly  unsound 
investment  for  high  earners  who 
arc  more  concerned  with  tax 
relief  than  with  the  success  of 
the  business.”  said  Mr  John 
Hustler,  a partner  in  Peat  Mar- 
wick Mitchell  who  specialises  in 
venture  capital. 

“By  omitting  capital  gains 
tax,  the  Chancellor  is  at  least 
rewarding  investors  in  success- 
ful businesses.  This  is  bound 
to  increase  interest  in  the 
scheme  and  to  attract  investors 
from  lower  tax  brackets.” 

The  abolition  of  capital  gains 
may  also,  inadvertently,  encour- 
age investors  to- withdraw  from 
scheme-funded  companies  as 
soon  as  they  can,  after  five 
years,  to  channel  their  capital 
into  another  tax  deductible 
venture. 


Hot-line 

advice 


A HOT-LINE  telephone  ser- 
vice offering  free  advice  on 
the  Budget,  and  what  action 
you  should  take  before  the 
end  of  the  financial  year-  has 
been  organised  by  the  Insti- 
tute of  Chartered  Account- 
ants. 

More  than  300  accountants 
in  nine  centres  throughout 
England  will  be  staffing  tele- 
phones to  provide  husi nesses 
and  private  individuals  with 
free  financial  advice.  The 
lines  will  be  open  from  3-7 
pm.  from  March  24  to  27  and 


Deciding  uSn-jli'T  or  not  to 
withdraw  win  ricv.itv U*-*.  depend 
on  hi  Grin."  the  relieve  r.i?nN 
of  the  hu-itse*!  j.ui.nlijl  of  the 
investment  with  the  tc-x  bene  id* 
to  bp  gleaned  ►•l-cv.hore. 

Select  Appointment  raised 
throur.h  the  scheme  m 
late  19K3.  1?  has  bought  itself 
out.  of  one  of  Hu-  Elecirn 
funds,  fnr  £i.3ni,  which  repre- 
sents a combination  of  ctimpcn- 
.-wiling  inve-tors  for  their  lost 
tax  relief  and  Mime  return  on 
investment  in  ;i  company  which 
has  expanded  rapidly  thanks  to 
their  launch  capital. 

The  Budget  tempered  the 
introduction  of  investor  incen- 
tives with  the  evjlUMon  of  the 
types  ef  is  suss  which  are  least 
cinpnthctic  so  the  whenu/s 
original  job  creating,  entre- 
preneurial eiho*'. 

Hotel?,  line  wines8,  farms,  art 
and  antiques  may  he  jncompat- 
ihle  ivilh  (lie  spirit  of  die 
scheme,  hut  i hose  a*ves -hacked 
issues  have  found  favour  with 
investors.  !n  1 ‘cat’s  re.si'nreh 
3S  per  cent  of  in  veal  on  cited 
“ asset  luckuv!”  as*  the  mo.,t 
important  entenon  fur  choosing 
an  issue,  while  jttet  '-4  per  cent 
plumped  for  the  company's 
track  record.  And  on  Budget 
Day  investor.,  -cram hied  in  sub- 
scribe m ” proscribed  " issues 
before  the  deadline  of  midnight. 

B>  steering  Use  Theme  bwj; 
towards  etiirepri'riruriai 

moib.  the  Budget  has  accentu- 
ated the  high  mk  nature  of  its 
issues  and  may  also  encourage 
investors  to  opt  for  funds  — 
which  spread  the  risk  over  a 
portfolio  of  scheme  ventures  — 
rather  than  for  direct  invest- 
ment in  individual  companies. 

When  the  scheme  first  sur- 
faced investors  tended  to  favour 
funds,  in  the  first  year,  accord- 
ing to  Peat’s  report.  33  per  cent 
chose  funds,  3S  per  cent  direct 
issues,  while  33  per  cent, 
generally  those  in  the  lop  tax 
bracket,  plumped  for  both. 

The  report  did  identify 
abuses,  but  it  cited  enough 
benefits — 1.000  jobs  created  in 
the  first  year  through  an  invest- 
ment of  £105m  in  more  than 
70  companies  and  a new 
generation  of  investors  intro- 
duced to  venture  capital — to 
ensure  that  the  scheme  emerged, 
not  only  unscathed,  hut  in  a 
new,  more  dynamic  guise. 

Inevitably,  new  abuses  will 
emerge.  But  by  empowering  the 
Government  to  weed  out  abuses 
on  an  nd  hoc  basis,  rather  than 
by  waiting  tor  the  next  Budget, 
the  Inland  Revenue  should  be 
able  to  monitor  the  scheme 
more  rigorously. 

“All  the  Budget  has  done  is 
to  put  the  business  expansion 
scheme  back  where  it  should 
have  been  all  along,"  said  John 
Hustler. 

Alice  Rawsthorn 

again  daring  the  same  hours 
from  April  1 to  4. 

Chartac  Moneyline,  as  the 
service  is  called,  is  an  exten- 
son  of  the  pilot  scheme 
operated  by  the  Institute’s 
London  Societv  last  year, 
which  received  more  than 
I,2l>0  enquiries.  This  year, 
volunteer  chartered  account- 
ants from  local  district 
societies  will  he  answering 
direct  line  phones  in  London 
t2HH  53121;  Liverpool  f23G 
123-5);  Manchester  (228 
7846);  Newcastle  (320312)  ; 
Leeds  (445087) ; Wolver- 
hampton (50733):  Bristol 
(233922);  Brentwood 

(211825);  and  Maidenhead 
(23955). 


' THE  EFFECT  of  the  changes 
' m the  Budget  taxation  prupo- 
j -als  range  from  removing  ,i 
' married  couple  with  a miiuIi* 
• 170.23  a week  earner  from  Hi.? 
i income  tax  system  I saving  £Hti 
: <m  IftsfwKG)  to  a maximum 
j saving  of  £592  for  a couple  with 
income  in  excess  of  143.K55. 
J The  real  position,  however,  is 

Jos  stniighlforward. 

j To  start  with,  a couple  with 
I income  of  £70.23  per  week 
j last  year  would  need  lo  haw 
I increased  that  income  to  £7-1.30 
J per  week  this  year  to  have  main- 
I lamed  the  real  level  of  Ilnur 
j income.  Their  tax  lull  in  IHHlv- 
l 1PH7  at  (hal  income  level  will 
; he  £GG.5u,  in  absolute  u-rms 
; more  than  the  tax  paid  m 1LIS5- 
i 1986.  hut  in  real  terms  less.  Ta:: 
< as  a proportion  of  income  has 
! in  real  terms  declined  by  a 
j mere  0.1  per  cent. 

I Tins  decline  is  attributable 
j to  Hu;  only  real  income  ta:;  ic- 
| duct  ion  pro  cub'd  by  the  Ghan- 
} cc-llor,  the  cut  in  basic  rate. 

\ At  the  i'S.iHJU  income  level, 
i tax  as  a proportion  of  mcoiue 
I has  declined  in  real  terms  by 
i 0.7  per  cent  fnr  single  persons 
! and  U.5  per  cent  for  llie  married 
! couple  with  a single  earner. 

The  maximum  saving  (nllow- 
! iug  only  for  pet'Minai  rebels  I is 
i tor  married  couples  (single 
1 earner)  with  income  i;i  the 
I range  of  X2U.S55  lo  £23.855  and 
; i'or  sin ql i*  uer«nns  with  ait  iu- 
j come  in  the  range  of  £19.535  lo 
£22.535.  Fur  persons  a round 
these  levels  nf  income,  tax  as  a 
proportion  of  income  has  de- 
clined in  real  terms  by  around 
0.9  per  cent. 

Had  the  Chanrellnr,  insiend 
o£  reducing  the  basic  rale. 


decided  to  increase  personal 
allowatlivs  by  10  per  cent  (a 
-1.3  per  cent  real  increase)  the 
eh  eel  would  have  been  ri'- 
versed-  at  the  imitnni  end  the 
married  cniipb:  on  £7-1250  would 
have  seen  their  tar;  as  a propor- 
tion of  imonii'  decline  by  over 
I per  cent  to  0.41  per  cent 
while  die  married  couple  on 

-'ir>ninii  £20,000  would  huw  seen 
a redui'lion  »f  only  0.3  per  cent 
tu  24.2  per  cent. 

Tn  assessing  the  change  in 
your  financial  circumstances 
lor  19S6-87.  the  income  tax 
changes  cannoi  be  looked  at  in 
isolation.  From  April  6 the 
nationa I insurance  thresholds 
are  increased. 

The  lower  earnings  limit, 
below  which  no  contributions 
are  due,  moves  from  £35.50  to 
£3K  per  week  and  the  upper 
earnings  limit,  above  which  the 
employee  pays  no  further  con- 
tributions, from  £265  to  £2S5 
per  week. 

The  intermediate  bands  (with 
contracted  in  rates  of  5 and  7 
per  cent  on  all  earnings)  rim 
from  £38  to  £59.99  t previously 
£35.50  to  £54,99)  and  from  £H0 
to  £94.99  (previously  £55  to 
£89.99).  The  highest  rate  of 
9 per  cent  is  payable  on  all 
earnings  up  to  the  upper  earn- 
ings limit  once  earnings  exceed 
£94.99. 

If  you  have  a company  ear, 
and  free  petrol,  you  will  also 
have  to  consider  the  increase 
in  the  scale  benefit  charges.  A 
person  with  a new  Ford  Sierra 
l.f»  and  business  mileage 
between  2,500  and  18.000  per 
annual,  for  example,  suffers  a 
basic  increase  from  £525  to 
£575  in  hoth  the  car  and  the 
petrol  scale  benefits.  Those 


with  children  will  benefit  from 
a !0p  increase  in  £7.10  per  w eek 
in  The  rail?  of  child  benefit  from 
July  1‘JSfi. 

Tal.mu  aivount.  therefore,  of 
the  Jiicrinm  la:.,  national  insur- 
ance and  child  benefit  changes, 
and  avinmm;-  a 7 per.  cent  :n- 
crwiM*  in  weekly  income  since 

1955- S6,  a married  couple  with 
two  children  (when*  the  hus- 
band only  is  in  work  and  eon- 
irncied  in  to  ihc  Star-.*  pension , 
scheme)  will  sc-;  their  net  in- 
come ri:-:e  by  5.8  per  cent  from 
£73.03  to  LS2.52. 

At  ihe  other  end  nf  the  scale 
a family  in  similar  circum- 
stances. bur.  with  a weekly  m- 
cume  of  £350,  will  see  a 7.7  per 
cenr  increase  from  £255.US  to 
£274.S3.  Thereafter  the  per- 
centage rate  of  increase  in  net 
income  declines. 

For  married  couples,  both  of  | 
whom  are  in  work,  a wife's  | 
earnings  election  may  in  appro- 
priate circumstances  reduce  i 
ihe  combined  lax  p.nable.  This 
will  depend  upon  the  combined 
income  and  the  level  within  it 
of  the  wife’s  earnings.  For  an 
election  to  be  beneficial  in 

1956- 87.  for  example,  with  a 
combined  income  of  £26.521.  the 
wife's  income  must  normally  be 
in  the  range  of  £6,985  and 
£19.535. 

Clearly  the  Chancellor’s  room 
fnr  manoeuvre  this  year  was 
severely  restricted.  The  pros- 
peels  da,  however,  look  bright 
for  next  year.  Barring  acci- 
dents or  unforeseen  eventuali- 
ties. the  jam  hinted  at  for  1987 
should  be  atailabie  to  spread 
on  the  plain  bread  of  19S6. 

Malcolm  Gammie 


FIVE  YEAR  RECORD — pence  per  stock  unit 
DIVIDEND  NET  ASSET  V/ 


■?  »24  ■ 


UJS.!  t 


i t 


901A 

87*6 

f ’ 
f 

i 

1 

’ 

. 

1 • 

; . 

1 

{ ' 

! • 1 

i 

i 

1935 

1933 

«222  3233  1284  33£5  1235  1932  1383  1984  1SS5  1938 

Distribution  of  £457.9m  of  Assets  at  31st  January 1986. 


In  the  interests  of  the  large  number  of  private  shareholders;  our  balanced 
policy  of  income  and  capital  growth  remains  appropriate. 

A 20%  increase  in  the  Ordinary  stock  dividend.  The  compound  income 
growth  of  14%  per  annum  over  the  last5  years  has  been  more  than  twice  the- 
rate  of  inflation. 

23%  compound  growth  rate  in  net  assets  over  the  last  5 years. 

High  quality  and  marketable  investments  worldwide  are  favoured. 

■ 5*g 


For  a copy  of  the  Report  and 
Accounts  please  returnto 
The  Secretary, 

The  Alliance  Trust  PLC., 

64  Reform  Street,  Dundee  DD1 1TJ 


FT  Name 

Address , 


We  already  have” 

the  most  successful 


E 


ope 


Why  launch  another? 


■■  --- ' 


jjr  ^^6 


Jardine  Matheson  Holdings  Limited 
Closure .of-flegister  of  Members 

NOTICE  is  hereby  given  that  the  Register  of  Members  will  be 
closed  from  Monday,  21st  April,  1986  to  Friday,  2nd  May,  1986, 
both  days  inclusive,  to  establish  the  identity  of  those 
shareholders  entitled  to  the  dividend  for  the  year  ended  31st 
December,  1985. 

The  scrip  dividend  with  a cash  alternative  of  HKS0.10  per  share 
will  be  paid  on  13rh  June,  1986  to  shareholders  on  the  Register 
of  Members  on  2nd  May,  1986. 

In  order  to  qualify  forthe  dividend,  all  transfers,  accompanied  by 
the  relevant  share  certificates,  must  be  lodged  with  the 
Company's  Registrars  in  Hong  Kong,  Central  Registration  Hong 
Kong  Limited.  Hopewell  Centre,  17th  Floor,  183  Queen's  Road 
East,  Hong  Kong,  not  later  than  4.00  p.m.  on  Friday,  18th  April* 
1986. 

By  Order  of  the  Board 
R.C.  Kwok 
Company  Secretary 

Hong  Kong,  21st  March,  1986 

AWfr 

[rrmrayf  Jardine  Matheson  Holdings  limited 

LwJ  (Incorporated  in  Bermuda  with  limited  liability) 


Association  of 
Lloyd’s  Members 

THE  ONLY  BODY  TO  REPRESENT  LLOYD’S  NAMES  AS  A WHOLE 


offering; 

■ Uoud’frSyttdicate  Results,  published  annually,  analysing  in 
some  50  pages  all  syndicates  operating  In  the  last  closed  year. 

’ B Regular  Newsletters  on  Lloyd's  affairs. 

B Meetings  In  some  20  regions  of  U.K. 

B Competitive  quotations  for  Stop- Loss  Insurance. 

B Information  and  help  general 

Fora  FREE  copy  of  the  most  recent  Lhpdi  Syndicate  Results  by  return  of 
posi,andALM  membership  for  1986,  send  £50  cheque  (US$90)  Ire 
Association  of  Lloyds  Members 
— UonflfrSoite  Street  London  EC3M  7DQ 

(let  01-623  7108.  Ekt 4058)  


European  Growth  Portfolio:  Number  One. 

Almost  all  the  gains  in  Europe  over  the  past  year  have 
been  for  the  benefit  of  investors  who  want  capital  growth.  The 
investor  who  wants  a good  and  growing  income  has  largely 
been  excluded. 

To  remedy  that  we’re  launching  the  new  Sun  life  European 
Income  Portfolio. 

It  enables  the  investor  for  income  to  enjoy  the  fruits  of 
the  European  stock  markets  as  fully  as  investors  for  growth 
have  done. 

It  can  do  so  because  the  economic  outlook  in  Europe 
continues  to  look  very  bright 

It  can  do  so  because  the  whole  basis  of  the  spectacular 
capital  growth  we’ve  seen  in  recent  months  is  the  promise  of 
higher  yielding  equities. 

And,  just  as  importantly  our  European  Income  Portfolio 
can  do  so  because  it’s  managed  by  an  outstanding  invest- 
ment team. 

They’re  the  team  responsible  for  the  success  of  our 
European  Growth  Portfolio,  up  85.2%  in  the  nine  months  since 
its  launch,  outperforming  not  only  every  unit  trust  in  Europe 
but  every  other  unit  trust 


This  isn’t  a one-off  wonder  either  Five  of  our  other 
Professional  Portfolios  are  in  the  top  five  in  their  sectors. 

Behind  this  success,  lie  all  the  resources  and  experience 
of  the  Sun  Life  Assurance  group,  which  has  funds  of  over 
£3.5  billion  under  management 

We’re  confident  that  our  new  European  Income  Portfolio 
will  prove  every  bit  as  successful. 

Until  April  11th,  you  have  the  opportunity  to  join  in  this 
success  at  a fixed  opening  price.  To  take  advantage,  please 
speak  to  your  professional  advisor  Alternatively  complete  the 
coupon  or  telephone  01-606  6010. 

EUROPEAN 

To:  Sun  life  Trust  Management  Limited,  107  Cheapside,  London  EC2V  6DU 
Please  send  me  more  information  on  the  European  Income  Portfolio  □ 
and  the  other  Professional  Series  Pbrtfolios  □. 


Address. 


FT  22/3 

Ail  statistics:  Planned  Sarings'  13L86  oSer-lo-offei;  income  re-invested. 


#SUN 
UFE 

TtuslMkoaganent 


X WEEKEND  FT 


Financial  Times  Saturday  March  22  1986 


Improved  1985  Results 


Net  Profit  Net  profit  increased  by  96%  to  HK$157  million,  or  HKS0.3S  per  share,  after  an 
exceptional  charge  of  HKS144  million  against  U.S.  oil  and  gas  reserves. 

Shareholders'  Funds  Net  worth  increased  by  HKS550  million  to  HK$4,774  million,  due 
largely  to  Jardines'  share  in  Hongkong  Land's  property  revaluation  surplus. 

Term  Debt  Term  debt  fell  by  36%  to  HKS2J04  million  at  the  year  end. 

Debt:  Equity  Ratio  The  ratio  of  term  debt  to  equity  fell  to  0.57:1  compared  with  1:1a  year 
ago. 

Extraordinary  Items  Net  cha  rge  for  al  I extraordina  ry  items  was  H KS426  million,  of  which  the 
main  component  was  HK$524  million  for  shipping.  The  Group  has  now  effectively  withdrawn 
from  ship-owning. 

Dividend  A dividend  of  H K$0.1 0 is  recommended,  in  scrip  form  with  a cash  alternative. 

Extracts  from  Chairman's  Statement  ■ "Jardines  achieved  a very  Strang  cash  flow  during 
1935,  particularly  through  the  sale  of  properties  and  our  successful  withdrawal,  in  an  extremely 
difficult  market,  from  ship-owning.  The  balance  sheets  of  both  Jardines  and  our  associate 
company,  Hongkong  Land,  have  improved  beyond  recognition. 

"At  the  same  time,  Jardines'  core  businesses  have  been  strengthened  and  we  ars  now 
concentrating  our  energies  on  the  growth  areas  which  will  lead  to  future  improvements  in 
earnings." 


* Before  extraordinary  items. 

The  1985 Annual  Report  and  Accounts  will  be  posted  to  shareholders  on  9th  May,  1986. 

By  Order  of  the  Board 
R.C.  Kwok 
Company  Secretary 
21st  March,  1986 


Jardine  Matheson  Holdings  limited 

(Incorporated  in  Bermuda  with  limited  liability) 


The  Prospects  for 

I 


FT 


FWANOALTIMES 

CONFERENCES 


> 22  & 23  April, 

\ 1986 


For  IntormaHon  please  return  thb 
advertisement,  together  vrith 
your  bUtlness  cant,  ftc 
Financial  Times 
Conference  Organisation 

Minister  House.  Arthur  SIxcet, 
London  EC4R9AX. 

Alternatively, 
telephone 01-621 1355 
or  telex  27347 FTCONFQ 


Hawkdawn  pic 

to  trade  as 


The  CharterGrciup  Partnership 


Believe  it  or  nat,  the  actual  purchasing  power  of 
£1,000  invested  in  a Building  Society  Ordinary  Share 
Account  in  1976  had  fallen  to  just  £536  by  1986.  Even 
if  no  interest  was  withdrawn? 

Even  “higher  rate”  accounts  failed  to  beep  pace 
.with  inflation. 

By  con  trast,  the  purchasing  power  of  £1 ,000 invested 
■ in. Hill  Samuel  s Managed  Fund  in  January  1976  climbed 
to  £1,229  over  the  same  period?*  A real  gain  of  over  20?o. 

And  while  past  performance  is  no  guarantee  of 
future  success  it  has  proved  more  than  a match  for 
Vitiation  and  certainly  more  interesting  than  your  Building 
■Society  Account. 

If  yon  would  like  the  opportunity  to  make  your 
money  work  harder;  complete  and  post  the  coupon. 

•Caktllrfcd  on  the  Building  Societies  hUtnrir-  Own-  arr-rnTnf-jrrf*  enhamiwt 
by  per  annum. 

*®Gri»wtli  in  Hill  Samuel  Managed  Fimd  Scries  ^S"tndbl  on  an  offer  to  bid 
basis  from  January  IP76  in  Jammy  1986. 


To:  Philip  Bamrs,  Hill  Samuel  Investment  Sqrices  Limited,  NLA  Town; 
12/16  Addhcombe  Road,  Croydon,  CR9  6BR 

Make  a local  chap:  call  today  on  UnkLine:  0345  5SI48I  {24  hour  serrico 

including  vredkend^U 

I would  like  to  ktww  more  about  the  Hifl  Samuel  Managed  Fund. 

FT22I3/86X- 


OFFER  FOR  SUBSCRIPTION  OF  DP  TO 
363,200  ORDINARY  SHARES  OF  £1  EACH  AT 
£1.25  PER  SHARE. 


♦ An  exciting  opportunity  to  participate,  for  the  first 
time  in  this  form,  in  profits  derived  mainly  from. 
Chartered  Accountants  and  other  professions. 

$ Experienced  professional  management 
4s  Directors  are  investing  pari  passu  with  investors. 

4*  Minimum,  subscription  is  underwritten. 

Copies  of  tbe  Prospectus  available  from 


P0INT0N  YORK  LIMITED 

(a  member  of  NASDIM) 


7 Cavendish  Square,  London  W1M9HA 
Telephone  01-631 3015 

Tins  advertisement  is  not  an  imritation  to  inrest  in  shares. 


swim 


We  care  for  the  terminally  HI  of  all 
denominations,  and  urgently  need  donations 
to  assist  us  with  our  runrdng  costs  of 
more  than  £400,000  p a. 

We  will  be  pleased  lotefl  you  how  you 
can  help  us  to  care  by  cash  donations, 

- covenants  etc. 

Hie  Princess  Alice  Hospice  j 

ESHER,  Surrey  i 

Telephone:  Esher  6881 1 A 


I i-  : : \ W:  - " •* & ??%$&•> 

:i; ' . •.’Yl  :L.v>v-*r ^ 


•ffMS 


No  return  tickets 


1985 

1984 

HK$m 

HKSm 

Turnover 

10,497 

8,881 

Profit  aftertaxation  and  minority  interests 

157 

80 

Extraordinary  items 

(426) 

(873) 

Shareholders' funds 

4,774 

4,224 

Term  Debt 

2,704 

4,230 

HK$ 

HK$ 

Earnings  pershare* 

0.38 

0.19 

Dividends  per  share 

O.IO 

0.10 

Shareholders'  funds  per  share 

11.57 

10.25 

Steam  railway  enthusiasts 
may  be  the  only  takers  of 
a new  share  issue,  writes 
Richard  Tomkins. 

ONE  OF  the  more  bizarre  share 
issues  of  the  rear  has  all  the 
makings  of  an  offer  you  can 
refuse. 

Tbe  company  involved  is 
asking  subscribers  to  buy  shares 
on  which  there  is  unlikely  ever 
to  be  a dividend  and  in  the 
absence  of  an ' established 
market,  little  prospect  of  sell- 
ing them  at  a profit  The  only 
apparent  attraction  is  the  perk 
offered  of  free  travel  between 
two  out-of-the-way  spots  in 
West  Sussex. 

However,  there  is  just  a little 
more  to  the  offer.  The  shares' 
greatest  attractions  lie  in  their 


BUILDING  SOCIETIES  are 
gearing  up  for  April  6,  the  day 
when  they  should  be  able  to  pay 
UK  expatriate  investors  interest 
gross  without  deducting  tax  at 
source. 

They  were  promised  they 
would  be  able  to  do  so  in  the 
1985  Finance  Bill  but  there  has 
been  some  last -minute  nail- 
biting  because  the  Inland 
Revenue  has  only  just  given  the 
go-ahead. 

A statutory  instrument  has  to 
be  laid  before  Parliament 
before  societies  can  start  paying 
expatriates  interest  free  of  tax' 
and  the  Revenue  has  to  issue 
the  necessary  documentation 
enabling  deposit  holders  to 
declare  that  they  are  resident 
abroad  and  therefore  eligible 
to  receive  interest  gross. 

A Revenue  spokesman  con- 
firmed that  the  necessary 
authorisations  will  be  given 
before  the  April  6 deadline. 
But  until  it  finally  did,  societies 
were  forced  to  hold  fire  with  the 
advertising  campaigns  planned 
for  the  main  expatriate 
magazines  and  journals. 

Building  societies  are  particu- 
larly anxious  to  tap  the  huge 
expatriates  market.  There  are 


sentimental  value,  for  they  give 
holders  a stake  in  the  Bluebell 
Railway — famed  for  being  the 
first  preserved  passenger  rail- 
way in  Britain  to  run  steam- 
hauled  trains  ou  a standard 
gauge  line. 

The  Bluebell  Railway  Preser- 
vation Society  was  formed  in- 
1959  to  preserve  all  or  part  of 
the  Lewes  to  East  Grinstead 
line  shut  by  British  Railways 
rhe  year  before.  Since  1960.  it 
has  operated  a year-round  ser- 
vice of  steam-hauled  trains  on 
a five-mile  stretch  of  track 
between  Sheffield  Park  and 
Horsted  Keynes. 

It  now  has  ambitious  plans  to 
reopen  the  5i-milc  section 
between  Horsted  Keynes  and 
East  Grinstead,  where  it  would 
then  meet  up  with  the  British 


Rail  line.  This  would  be  an 
important  step  towards  improv- 
ing accessibility  because  at 
present  the  Bluebell  Railway 
can  be  reached  only  by  road. 

The  Bluebell  Railway  has 
gradually  built  up  its  rolling 
stock  and  fleet  of  30  locomotives 
using  cash  from  rising  revenues. 
However,  it  now  needs  to  raise 
money  to  fund  the  first  stages 
of  its  expansion  and  to  meet  the 
cost  of  building  catering  facili- 
ties for  visitors  at  Sheffield 
Park. 

A company  called  Bluebelt 
Railway  has  therefore  been 
formed  and  the  public  is  being 
invited  to  buy  up  to  lm  shares 
in  it  at  £l  a share.  These 
shares  will  not  be  quoted  at  the 
stock  exchange  or  on  any  other 
market. 


The  perks  attached  to  the 
shares  will  vary  according  to  the 
number  bought.  For  holders  of 
100  shares,  for  example,  there 
wilt  be  two  free  return  tickets  a 
year.  For  holders  of  5,000,  them 
will  be  free  lifetime  travel  on  . 
the  line  for  the  holder  and  three." 
guests,  four  free  tickets  to  wine- 
and-dine  evenings,  a com-  - 

memorative  medallion  and  a^ 
brass  benefactor  plate  in  the  ■ 
holder’s  name  in  the  booking 
hall  at  Sheffield  Park. 

Obviously  these  shares  are  1 
strictly  for  steam  buffs  and  all  1 
shareholders  will  receive  an 
ornate  engraved  share  certifi- 
cate. 

However,  the  absence  of  any: 
prospects  of  a dividend  does 
not-  seem  to  have  been  a par- 
ticularly strong  deterrent  - to 
potential  purchasers  of  similar  '’ 
issues. 

The  Severn  Valley  Railway  ‘ 
in  Shropshire,  for  example. 
launched  a £300,000  share  issue  V-*. 
lo  finance  its  own  line  extension  ’ 
in  November  1983.  Having  later  • 
extended  the  offer  it  has  now  : 
sold  shares  worth  £468.000 — 
although  it  should  be  noted  that  ■ 

SVR*s  shares  are  traded  under 
the  stock  exchange's  rule 
535  (2). 

One  final  caveat  on  the  Blue--: 
bell  issue  is  that  the  account-.1  1 
ants'  report  contains  a qualifica- 
tion common  in  the  case  of  very 
small  businesses,  saying  that  the 
auditors  have  had  to  take  the 
directors’  word  for  some  trans-  i 
actions  where  alternative  con- 
firmation has  not  been  available. 

Prospectuses  are  available  r . . 
from  Bluebell  Railway.  Sheffield  i?  ,*  • 
Park  Station.  Nr  Uckfield*  ; f "V 
Sussex  TN22  3QL.  . 


\iy 


Building  societies’  interest 

Bonus  for  exiles 


estimated  to  be  2.5m  UK  ex- 
patriates with  150,000  going 
abroad  each  year.  It  is  esti- 
mated UK  expatriates  save  at 
the  rate  of  £750m  a month. 

Building  societies  already 
have  a small  slice  of  this 
market.  A surprising  number  of 
expatriates,  particularly  blue 
collar  workers,  retain  their 
savings,  or  part  nf  them,  with 
building  societies — a throwback 
to  the  days  when  the  only  way 
of  being  sure  of  getting  a 
mortgage  on  returning  to  the 
UK  was  to  have  a savings 
account  with  a building  society. 
But  tbe  bulk  of  expatriate 
savings  are  placed  offshore  with 
banks  and  mutual  funds. 

Initially,  at  least,  most 
societies  will  approach  this  new 
market  using  Ibeir  existing 
accounts,  simply  paying  the 
expatriate  interest  gross.  Some 


societies,  such'  as  the  Abbey 
National,  will  concentrate  its 
marketing  on  one  account. 

In  its  case  this  will  be . its 
tiered  instant  access  account, 
the  Five  Star  Account  which 
pays  increasing  amounts  of 
interest  based  on  the  size  of 
the  balances  held  on  deposit. 

The-  Nationwide  Building 
Society  plans  to  launch  a special 
account  for  expatriates  but  says 
that  it  cannot  disclose  details 
until  it  gets  the  final  go-ahead 
from  the  Revenue. 

The  other  three  major 
societies,  the  Halifax,  Woolwich 
and  Leeds  Permanent  have  no 
plans  at  present  to  launch  new 
accounts  aimed  specifically  at 
expatriates.  But  this  could  well 
change  once  the  market  is  open 
to  them. 

Building  societies  may  also 
find  competition  from  others 


already  in  this  lucrative  market- - 
which  will  force  them  to  offer 
their  expatriate  investors  higher  ^ 
returns  than  the  grossed-up:' 
rates  of  the  net  rates  they  payv.- 
to  UK  residents. 

Societies  may  also  fin'd  that  1 
expatriate  investors  are  relnc-; 
tant  to  deposit  funds  in  the  UK  - 
preferring  to  keep  their  money  ; 
offshore.  Building  societies  -1 
argue  that  in  real  terms  this' 
should  make  no  difference  to 
the  expatriate  but  concede  that 
there  could  be  a psychological  i- 
barrier  to  depositing  funds  on-  ' 
shore. 

• Societies  like  the  Abhey 
National  would  like  to  be  able 
to  set  up  subsidiaries  in  the 
major  offshore  centres-  like 
Jersey  and  Guernsey.  The  main 
problem  is  obtaining  the  neces- 
sary operating  licences  from  the 
host  country. 

In  the  Channel  Islands  this 
would  mean  a hanking  licence 
to  be  able  to  take  deposits 
which  are  extremely  difficult  to 
come  by  given  the  twolslands 
reluctance  to  allow  in  new 
entrants  to  the  financial  com- 
munity. 

Margaret  Hughes  : 


B.E.S.  TAX  RELIEF  1985/86 


WHY  UNLISTED  SECURITIES  ARE 
SO  ATTRACTIVE 

Since  its  establishment  in  1980,  the  Unlisted 
Securities  Market  lias  provided  a less  formal  access  to 
capital  for  many  up  and  coming  companies. 

If  you  invest  in  the  right  USM  companies  early 
on,  you  amid  stand  to  make  substantial  gains  on  their 
future  growth. 

For  the  first  time,  there  is  now  an  authorised 
unit  trust  which  gives  you  the  opportunity  to  invest  in 
the  USM,  with  the  added  benefit  of  investment 
management  experienced  in  this  area. 

TEMPLE  BAR'S  UNIQUE  TRACK  RECORD 

The  Temple  Bar  Unlisted  Securities  Fund  is 
managed  by  GudnnessMahon  Fund  Managers  and  has 
the  aim  of  capital  growth  from  a portfolio  invested  at 
least  95%  in  shares  of  companies  quoted  on  the  USM  or 
which  were  quoted  on  the  USM  when  purchased. 

Although  new  in  its  authorised  form,  the  Fund 
was  previously  the  Temple  Bar  Unlisted  Securities 
Exempt  Fund,  about  which  the  Financial  Times  said 
the  following  on  1st  March  1986. 

“The  Temple  Bar  Unlisted  Securities  Exempt 
Fund  however  has  performed  remarkably  well  over 
the  last  3V*  years,  outperforming  not  just  the  USM 
index  but  the  main  market  as  well  Mr  Peter  Knapton, 
the  fund’s  investment  manager  attributes  its  successto 
two  main  factors:  avoiding  the  ill-starred  oils  and 
electronics  sectors,  and  the  depth  of  its  research  into 
investment  opportunities.*1 

The  same  investment  management  team  is 
responsible  for  the  newly  authorised  unit  trust  being 
offered  here  today 

NOT  FOR  BEGINNERS 

Despite  the  previous  success  of  this  fund,  we 
would  emphasize  that  this  is  not  an  investment  for 
beginners. 

We  draw  your  attention  to  the  normal  uni  t trust 
warning  that  the  price  of  units,  and  the  income  from 
them,  can  go  down  as  well  as  up. 

Guinness  Mahon  Find  Managers  Limited,  32  St  Mary 
at  Hill,  London  EC3P  3AJ.  Tel:  01-623  9333.  Ext  2843. 

J/We  wish  tn  invest  £ (minimum  £10.000) 

in  Income  Unit*  □ Accumulation  Units  □ (please  tick 
one  box)  in  the  Temple  Bar  Unlisted  Securities  Fund  at 

I the  price  ruling  nn  the  ncstsuh^cripliim  day  Mlowins; 

iwvipt  of  l his  application.  1 enrinsparomitunccpai- 
I able  to  Guinncus  Mahon  Fund  Managm  Ltd. 


In  addition  to  that,  you  should  be  aware  that 
greater  risks  are  attached  to  investing  in  USM  stocks, 
compared  to  listed  securities.  This  is  because  only  10% 
of  the  equity  capital  of  a company  need  be  made 

available  on  the  USM(rather  than25%  forafull  listing); 

and  also  because  companies  with  only  a short  track 
record,  or  none  at  all,  may  be  admitted  to  the  USM. 

So  you  must  be  able  to  take  a longterm  view  and 
furthermore  you  should  realise  that  the  bidder  price 
spread  can  be  greater  than  on  other  unit  trusts. 

UNUSUALLY  LOW  CHARGES 

The  Temple  Bar  Unlisted  Securities  Fund  is 
unusual  in  making  an  initial  charge  of  only  2 V£%  on  the 
minimum  investment  of  £10,000.  Thereafter  there  is  a 
sliding  scale,  which  reduces  initial  charges  still  furthec 

INVEST  £10.000  OR  MORE  ‘ 

To  invest  in  the  Temple  Bar  Unlisted  Securities 
Fund  now  simply  complete  the  coupon  below  and  post 
it  to  us  with  your  cheque,  or  you  can  place  an  order  for 
units  by  telephoning  us  on 01-623  9333  extension2845 
or  01-626  0191  (Dealers). 

ADDITIONAL  INFORMATION 

. An  inoarne  charge  ofitfi  orthe  value  of  the  Fund  b deducted  iwZ 
^eincomi?or^eFund-  The  offer  price  i>f  units  indodesaninSSiSS 
‘ ,nn.an.mv:K,I™Tnt  °f£W.000,^ with  « decreasing  initial 

is  payable  ^qualified  intermediaries;  drtailaon^qu^?^ 

Tnj„t  Deedprmuton  nuLvimurT'  income  charge  of  1%  perannuxniSiS«Un3 
months  notice)  and  a maximum  initial  service  charge  of  5%.  TbeXr 
may  also  include  a roundmg  charge  nwexeeeding  the  lesser  of 

ST|> br  m?de tWi“ >iearl3r 10th June andSh^ 

Deccmhcr  (first  disbibuUon  for  new  unit  holders  will  be  December 
The  ode r pneo  of  the  Trust  on  14th  March  1986  was  372.64?S^i(K 
estimated  grosR  cum>ntyield  of  2 .45H.  Prices  and  yield*  will  h* bi*iwI2i“ 
the  an£l  The  Times.  Appikat»i«lfwunkB  rriUbaM^,*^,n' 

acknowledged  by  a contract  note  nnd  a certificate  will  nonaallv 

the  Department  ofTrnde  and  Induetiy  formula,  and  settlemen^tfflberiT^?1 

approximately  14  djys  after  receipt  of  the  renounced  certificate  ' 


: Ftnwidal  Timer  Saturday  March  22  1986 


FINANCE  &THE  FAMILY 


J 5l4 


WEEKEND  FT  SI 


iSSjs 

J i . 

JfciA  n»i-- 
-rS  .S 

u tf&. 

^lU  t. 


My  daughter’s  cost  of  living 


aking  a will 


5-TntS* 

.P*°M  forH- 
,hert 

:,1^n0;b> 

:«u* 

!!***«£> 
.fhon,  v-^StP 

•N=2  3QL  l*. 


ar-jfe 

■ BuDdiag 

ba1  « reai  JS 
m*k*  no  dj&? 
^atehntcS. 
>«!d  be  a 
10  deposit^  ■ 

like  the  fc 
! *wH  like  ta  £ 

UP  MJbstton^-. 

offshore 

iCfi  Gwnfcej:  Tfec 

■ if-  obiamiijfct 

’^ting  IwnestrB’ 

iatiy. 

f Cbansel  rsfe- 

HCSTl  a bant^fc, 

able  to  liefer, 
•re  rstenslrffi* 

" siten  the  iff® 
ft?  to  aCw  g t 
; to  the  is®!  e- 


My  daughter  Is  Jutf  starting 
a mortgage  to  toy  her  own 
small  flat.  •"'.’  . 
f;  When  f-waa  waqwed  I legally 
’ made  her  Joint  owner  of  our 

home. .- :.  V ”• 

It  has  ahrasu  been  her  mala 
re*Mefi«,  ami  still  will  be 
“ hamr.*!  even  when  dw  U 
living  at.her  flat,  and  coming 
home  for  weekends. 

Beemuc-ihii  home  Js  always 
lihely  to  be  tar  more  vahnhlf 
than  any  pmgrtty  **»  ts  buying. 
It  would  be  halter  if  she 
could  opt  for  gains  t«  . 
exemption  m (Us  house,  rather 
than  on  her  own  properly. 

Should  she  Inform  the 

Inland  Revenue  of  thb 

dcchshm-now?  - - 
v Would  It  mean  she  cannot 
3 claim  her  current  rax  exemption 
on  her  mortgage? 

If  I should  sell  this  property 
ai  some  future  date  and  move 
to  a smaller  place,  then 
presumably  neither  at  us 
would  pay  capital  gains  tax 
on  our  halves  of  the  “ profits." 
On  my  death  my  half  of  this 
home  will  pass  to  her. 

It  seems,  clear  that  your 
daughter's  flat  will  in  fact  be 
her  main  residence,  so  she 
should  be  entitled  in  tax  relief 
on  the  mortgage  interest. 

In  about  a- year’s  time,  we 
suggest  that  your  daughter  give 
notice  to  her  tax  inspector  that 
tVo ur  home  be  treated  as  her 
vnam  residence  for  capital  unin* 
tax  purposes,  retrospectively. 
This  will  not  affect  her  entitle- 
ment to  mortgage-interest  relief 
on  the  flat 

■If  your  home  Is  eventually 
sold,  your  daughter  should  on 
the  day  of  the  sale  contract  fnot 
completion  day),  give  -notice  to 
her  tax  inspector  that  her  fiat 
be  treated  as  her  main  resi- 
dence with  effect  from  two  years 
before  that  day.  This  will  mean 
that  neither  of  you  will  face  a 
CGT  bill  on  tbc  sale  of  your 


home. 

The  sidsnfor  *,»hn  ir.  art  in? 
for  your  d.-.u*_,h:p.-  :n  the  pur* 
rha.se  .(and  mortgage l of  the 
Jht  will  he  .«!>!«  v>  i v: pi.- in  nur 
Kjggej-Tion!.-.  .'inti  to  :;jw*  gi*nnra! 
guidance  through  the  lax  nri.'i*. 


5BR1EF<ASE>> 


A share  of 
the  house 


Sly  husband's  finch1  |«*ff  a will 
which  Mates  Midi  on  the  death 
or  his  wife,  the  house-  would 

belong  jointly  to  my  husband 
and  my  husband's  cousin.  We 
were  wandering,  as  wr  have 
need  <if  some  cash,  if  there  is 
any  way  my  husband  could  sell 
his  share  of  the  house  now  for 
a lump  sum  (with  his  aunt’s 
permission)? 

You  may  !h?  able  In  fnrre  a sale 
of  ll»e  hotw;  hut  jf  not  \ou  van 
wJI  your  equirahie  interest  if  a 
purchaser  ran  he  found.  You 
“lioutd  consult  a solicitor  with  a 
view  to  getting  an  order  for  sale 
under  Section  f’.ti  of  the  Law  of 
Property  Act  1923  if  a sale 
cannot  he  achieved  by  agree- 
ment (and  if  tin*  t outin' will  not 
buy  in  your  hushand's  interest). 

Austrian 

income 

My  wife  Is  In  receipt  of  a small 
Income  from  Austria.  This  I 
have  declared  to  the  inspertnr  of 
taxes,  who  assumes  an  exchange 
rate  when  converting  schillings 
Into  pounds  sterling  which 
appears  to  me  to  hr 
unreasonable,  ie  the  number 
uf  pounds  is  too  high 
making  the  lax  to  be  paid 
too  high. 

Please  could  you  inform  me 
ot  the  appropriate  exchange 
rate  averages  for  the  following 
yearly  periods,  which  Is  how 
my  wife's  Income  Is  calculated. 
January  X to  December  31  1982 


January  t to  December  31  IflSS 
January  l to  December  31  IHR-t 
January  1 to  December  31  IffiK 
lDfil!  31.9.  1SW1-K2:  31.  L. 

1<J«:  LM*7.  I'Wa-Ktt:  2K.fi. 

MS3:  27.2.  I 9S3-R4:  'M. 

IBM:  211.6  1M4-S5:  2d  1. 

It  is  a pity  that  you  did  nm  say 
what  sort  nf  income  your  wife 
ih-rives  from  Auslrin.  hccuuso 
that  would  have  enabled  us  to 
give  you  a more  helpful  reply. 
If  It  is  a pension,  ask  the  tax 
inspector  for  a copy  uf  Mie  free 
booklet  on  this  taxation  of 
foreign  pensions,  1R23  (1977). 

IT  it  is  some  other  type  of 
income  — nr  even  if  it  is  n 
pension— you  may  like  In  ennic 
bark  In  us.  with  mnre  back- 
ground facts,  figures  and  djto>. 


Finance  Art  1985  does  not 
pennit  you  m take  the  Marrh 
31  19K2  value  (of  cither  asset) 
into  account. 


I 


A tale  of  two  couples 


Trading 

optioas 


Rolled-over 

gains 


now  dn  you  indrx  a rnllrd-ovrr 
gain  for  CfiT? 

I bought  land  In  1970  ai  £2.10 
an  acre  and  sold  for  £1,500 
an  acre  in  August  1984. 

I rolled  the  gain  over  into 
holiday  flats.  When  I sell  the 
latter,  to  what  value  is  Indexing 
applird:  the  value  of  (he  land 
at  31st  March  1982  (which 
was  then  In  ray  ownership  but 
slner  sold)  ur  in  the  value 
nf  (he  flats  at  that  date  (which 
wan  2}  years  before  I 
bought  (hem)? 

The  purchase  price  nf  the  flats 
was  £54,000  but  with  roll-nvcr 
allowed  Ihc  base  price  Is  as 
low  as  £2,000  because  nf 
previnus  part-sales  of  the  land. 
The  value  of  (he  land  at  31M 
March  19K2  was  approximately 
£1,500  au  acre.  The  value  of 
the  flats  at  that  dale  would 
he  difficult  to  calculate  as  they 
had  not  been  up-graded 
at  that  time. 

It  is  the  £2,000  deemed  cost 
which  is  indexed  (from  Decem- 
ber 1984).  Sectinn  68  of  the 


Last  September  I became 
unemployed  and  remain  so 
Inday.  I have  been  a Mock 
market  investor  for  many  yean 
lrai  have  increaM>d  ray  activity 
substantially  since  September. 

particularly  in  respect  or  LSE 
Traded  Options. 

I am  cunrcrncd  to  know  how 
the  Inland  Revenue  will  treat 
toy  ins /Ins.srs  arising  from  my 
Traded  Option  activity,  and  on 
what  basis  they  would  consider 
me  to  be  a self-employed 
'•trader."  1 am  also  Interested 
tn  know  if  there  would  be  any 
advantage  in  declaring  myself 
(n  lie  so  self  employed. 

It  is  most  unlikely  that  the 
Revenue  will  seek  to  tax  your 
London  traded-option  trans- 
actions as  activities  in  the 
nature  of  trade.  It  is  equally 
unlikely  that  they  would  agree 
to  treat  you  as  a dealer  in 
securities  at  your  request. 


A gift  to 
charity 


I would  like  to  make  a gift  to 
a charity  and  wonder  if  It  Is 
possible  to  transfer  shares  in 
a quoted  company  without 
the  charity  or  myself  incurring 
capital  gains  tax? 

If  so,  bow  dn  1 set  about  It? 

Yes.  Write  to  the  charity,  so 
that  it  can  make  the  necessary 
arrangements. 


A wife  and 
gains  tax 


I am  a married  man  and  when 


I die  ei  ery tiling  wf|t  go  to  my 
wife.  I hold  a number  of 
shares  showing  good  capital 
gains.  On  my  dt-aih  will  my 
wife  have  to  pay  Capital  (Jains 
Tax  on  ibrse  shares  on  the 
basis  of  what  I paid  for  them: 

(a)  immediately 
(M  when  .she  sells  them 
(c)  not  at  all 

Not  ai  all  (*>.  She  will  be 
deemed  in  lmi>  acquired  rliem 
at  their  market  value  on  the  day 
of  your  death. 

"This  is  nor  quite  true  for 
Fomv  .shareholdings  in  foreign 
coni  panics  (for  cNampio 
Rohcco),  because  of  M-riion 
92(3)  of  the  Finance  Act  1944. 

Solicitor’s 

costs 

In  his  Will  my  father  left  me 
some  llong  Kong  registered 
shares,  and  fn  obtain  them  my 
solictor  in  this  country  has 
had  tn  utilise  the  services  of  a 
Hong  Kong  solicitor.  This 
part  of  the  winding  up  of  the 
estate  has  still  not  been 
finalised. 

I appreciate  that  my  solicitor's 
bill  of  costs  for  services 
rendered  in  this  country  will 
attract  VAT  at  IS  per  eent.  but 
what  Is  the  position  regarding 
the  costs  incurred  in  Hong 
Kong? 

IS  VAT  applied  on  these  as 

well  ? 

The  way  to  ensure  that  no  VAT 
Question  can  arise  is  to  arrange 
that  the  Bill  from  Hong  Kong 
be  submitted  to  your  father’s 
estate  and  not  to  the  UK 
solicitor. 

Tin  fags/  rtspansibihty  rjn  bn 
accepted  by  lha  Financial  Timea  lor 
tho  antweiM  gtvan  in  lhaaa  columns. 
All  inquirims  mil  bo  antvtmrmd  by 
post  as  soon  as  possible. 


MANY  PEOPLE  regard  making 
a wjH  a«;  a had  omen  and  2inu1 
thinking  about  it.  without 
appreciating  what  lite 
qucnces  may  be.  But  it  is  worth 
thinking  about  the  rules 
governing  mtestatp  estates  for 
married  couples  with  high  value 
assets. 

Two  true  stories  illustrate  the 
problems  that  can  beset  the 
widow  of  a successful  but  in- 
testate man- 

John  and  his  wife  Margaret 
were  both  careeer-m inch'd.  They 
had  no  children  acd  relied  on 
extensive  entertaining  to  make 
their  business  live*  flow.  so 
they  had  been  fortunate  when 
John's  father  left  hips  the  family 
haiiac.  a small  hut  very  attrac- 
tive property  in  the  heart  of 
London.  John's  sister  was  left 
a small  country  cottage,  wiudi 
she  considered  unfair. 

The  house  was  passed  to  John 
by  the  executor  and  he  never 
really  thought  about  personal 
i ownership  so  far  as  he  and 
! Margaret  were  concerned.  He 
had  also  arranged  a pension 
scheme  for  himself,  partly  to 
save  for  the  future  to  save  tax. 
and  made  no  special  arrange- 
ments for  payments  in  the  case 
of  his  early  death.  If  anv 
thought  of  making  a will 
crossed  his  mind  he  dismissed 
it  with  the  thought  that  his 
wife  would  get  everything  any- 
way. 

At  38  John  died  of  a sudden 
heart  attack  and  his  estate  fell 
to  be  administrated  under  the 
intestacy  rules. 

Margaret  was  horrified  when 
her  solicitor  explained  them  to 
her.  As  the  deceased's  spouse 
she  was  entitled  to  all  his  chat- 
tels including  his  car,  and  to 
£85,000  with  interest  until  paid, 
plus  half  of  the  residue  abso- 
lutely. As  John's  parents  were 
both  dead  and  he  had  no 


brothers.  h}s  sister  was  entitled 
to  the  of  her  half. 

John's  estate  consisted  of  the 
huuv,  valued  at  £215,000.  bis 
prnraon  refund,  which  amounted 
to  I45.QOU,  plus  investments  ami 
cash  «»r  £11.000;  a total  of 
£271,000.  Margaret  was  there- 
fore entitled  to  £85,000  plus 
half  nf  £271.000.  minus  £85,000. 
a lotal  of  £ ITS. 000.  plus 
interest.  John’s  sister  was 

entitled  to  the  balance  subject 
to  capital  transfer  tax;  there  is 
no  CTT  on  the  spouse's  inheri- 
tance. 

At  Marg.irefs  request  her 
solicitor  wrote  to  John's  sister 
to  see  if  she  would  care  to 
enter  into  a family  arrangement 
to  alter  the  rules  sd  that  Mar- 
garet would  at  least  have  the 
house.  The  sister  said  Margaret 
rould  of  course  have  the  house, 
hut  she  would  have  to  pay  over 
£37.000,  the  difference  between 
Margaret's  inheritance  of 
£178,000  and  the  value  of  Ihe 
house,  just  as  the  law  provided. 
Margaret  had  no  option  but  to 
take  up  a mortgage  to  remain 
in  her  house. 

Joan  was  45  when  her  hus- 
band Jack  died  aged  50  with- 
out leaving  a will.  They  had 
two  daughters  aged.  14  and  16. 

Twenty  years  earlier  Jack  had 
set  up  a UK  branch  for  a Euro- 
pean company  and  had  been 
given  a mortgage  of  £30,000  at 
a nominal  0.5  per  cent,  sub- 
subject  to  the  conditions  that 
the  property  he  in  Jack’s  name 
only  and  that  he  himself  took 
out  a lire  cover,  which  of  course 
fell  to  his  estate. 

1'ifleen  years  later  Jack's 
employer  closed  the  UK  branch 
and  appointed  him  as  their  UK 
agent  instead.  He  had  to  repay 
the  mortgage,  which  he  was 
able  to  do  as  he  bad  recently 
received  legacies  from  his 
parents'  estates.  He  continued 


the  life-  policy. 

On  Jack's  death  his  estate 
consisted  of  the  house,  valued 
at  £153.000,  tire  life  policy, 
worth  £34.000,  pension  payment 
refunds,  and  investments  and 
savings  of  £27.000;  a total  of 
£211.000. 

Under  the  intestacy  rules 
Joan  was  entitled  to  Jack's 
chattels  and  £40.000  absolutely, 
plus  interest  until  paid,  plus  a 
life  interest  in  half  of  The 
residue,  so  That  just  over 
£80.000  would  be  invested  for 
Joan,  to  be  divided  equally 
between  the  daughters  on  her 
death.  Tlq?  other  half  of  the 
residue,  just  under  £80,000 
after  CTT.  would  lie  in  trust 
for  the  children,  each  taking 
her  share  on  her  eighteenth 
birthday. 

The  problems  which  beset 
Joan  were  enormous,  for 
although  there  should  have 
been  enough  to  provide  for  the 
family’s  welfare,  the  intestacy 
rules  seemed  to  make,  this 
impossible  and  to  give  rise  to 
even  worse  problems. 

The  daughters  were  both 
strong-minded  and  talked  of 
owning  cars  and  their  own 
flats,  both  of  which  would 
probably  be  within  their  fin- 
ancial ability  when  they 
attained  IS  years  of  age,  in  only 
two  and  four  years'  time. 

She  also  had  the  problem  of 
how  to  maintain  a home  for  the 
family  and  at  the  same  time 
provide  as  best  she  could  for 
her  own  future.  Her  solicitor 
suggested  that  rhe  money-  held 
in  trust  for  her  life  could  be 
used  to  buy  a house;  then  she 
would  have  her  cash  of  £40,000, 
plus  the  state  pension. 

Joan's  daughters  dismissed 
all  the  problems  and  looked 
forward  to  being  rich. 

R.  B.  Cannon 


Tin-  figure*  in  tin-  column*  below  .'ire  bused  <m  informal  ion  s'u  tidied  l»>  l he  rnt  n' panic-  named,  u Inch  arc  member-  off  he  Association  of  I imst  merit  TruitGmnpanies.Thc  figures  are  unaudited. 


as  at  dose  of  b’^a incss  on  Monday  1 7th  March  19SS 


Net 
Asset 

Wud  UK 
(6)  (7) 

pence  » 


as  At  2Bth  February  1986 


Spread 


as  at  dose  of  business  on  Monday  17th  March.  19&Q 


'•SBWBgtfSf 


TbtalRetnm 
anNLAAC 
over  5 years 
to28JL86 
02) 

base- 100 


CAPITAL  fc  INCOME 
GROWTH  - 
Affiance  Tkusfc  - 
Bankers  , 

British  Investment 
Brunner 

Charter  *IYu*t  & Agency 
Continental &Indo8trial 
Edinburgh  Investment  (w) 
Foreign  and  Cnjqpial 
Globe 

Gorett  Strategic 
Philip  Hill 


United  Kingdom 
City  of  Oxford 
Fleming  Claverhooso 
Shires  (w) 
TRGtyofLandan. 
Temple  Bar 

CAPITAL  GROWTH 
General 


65  | Ashdown 
189  ( Atlantic  Assets 

Electric* General 
Greenfriar(w) 
International 


Englirii&New3cdc  - “ 
English  & Scottish 
F&CEurotrust 
Fleming  Overseas 
Fleming  Universal 
Garfcmore  Infocm.  &Fin.  (w) 
28  Group  Investors  (w) 

151  Hamhros(w) 

200  London &Gartnaare 

11  Mid  'Wynd  International 

195  Monks 

99  Murray  Smaller  Marketa 

10  Nordic  A . . 

78  NarthAtiaaticSeamnesA 

155  Northern  American. 

SI  Northern  Securities 

116  Romney 

315  Scottish  Eastern 

409  Scottish  Investment  Tmsfc 

88  Trans-Oceanic 

91  Tribune  _ 

257  US.  Debenture  Gap. 

North  America 
157  American 

155  Edinburgh  Amen  Assets 

140  Fleming  American 

35  Gartmore  American  Secs, 

253  Gove  tt  Atlantic 

S3  TRNorth  America 

Far  East 

33  Dravton  Far  Eastern  (w) 

F& 

221  i Govett  Oriental 

16  { Martin  Currie  Parifict") 
NewAustraliaA 
Pacific  Assets  (w) 

Pacific  Inrestment(w)A 

TR  Australia  (w) 

TR  Pacific  Basin  (w) 

/_A 


11  BaillieGifimdShiziNipp.(w) 
75  OescentJapan 

X84  Drayton  Japan 

121  Fleming  Japanese 

61  GT  Japan 

57  Japan  Assets  (w) 

61  New  Tokyo  <w) 

Commodities  & Energy 
6 Crty  & Foreign 

8 New  D alien  (w) 

27  JteaouEMetalsA 

89  TR  Natural  Resources 

28  - Viking  Resources 


Independently  managed  730 

Touche,  Remnant  113 

Independently  managed  425 

Kleinwort  Benson  92 

Klein  wort  Benson  96 

Schroder  fav.  Man.  750 

DtmcdmFund  Managers  145 

Foreign  & Colonial  84 

Electra  House  Group  342 

JahnGcvett  222 

Philip  Hill  284 

Kleinwrat  Benson  152 

lVarburcJtav.Man.  475 

Gartmore 
Gartmore 
Baring  Brothers 
Lazard  Brothers 
Hh  er  & Merc.  lnr.  Man. 
Tarbutt&Co. 

Save &Pro6per  Group  , 

Bailie  Gifford 
Gartmore  (Scotland) 

Toucfa^Rpmnant  ^ 
Henderson 


HambrosBank 
Robert  Fleming 
Stanecastle  Assets 
Touche,  Remnant 


GuumessMahanloxMan.  I 153 


Morgan  Grenfell 
SchroderlnnMan.  . - 
Ivory  & Sms 
Henderson 
Henderson 

GT  Management 
KleniwnrtBensan  " 
Gartmore 
Foreign  & Colonial 
Robert  Fleming 
Robert  Fleming 
Gartmore 
CS  Investments 
HambrosBank 
Gartznore 
Baillie,  Gifford 
Bafllie.  Gifford 
Murray  Johnstone 
GT  Management 
Morgan  Grenfell 
DunedinFund  Managers 
GT  Management 
Lomrd  Brothers 
Martin  Come  fsv.Msn. 
Independently  managed 
Schroder  In  v.  Man. 
Baring  Brothers 
GT  Management 

RdiriburriiFandMgrs. 
Ivoiy&Sime 
Roitert  Fleming 
Gartznozo 
John  Govettf 
Touche,  Remnant 

M3M 

Ftaraiga&Gplcnud 

RobertFlaning 

John  Gov  ett 
!Martjn  Currie  Inv.  Man. 
Ffliwhqffdi  Fund  Mgrg. 
Ivory  &Sime 
Thornton  & Co. 

Touche,  Remnant 
Touche,  Remnant 

Bailli'e,  Gifford 
Baillie,  Gifford 
Edinburgh  FundMgia 
MIM 

Robert  Fleming 
GT  Management 
Rcny&Sime 
Edinburgh  Fund  Mgra. 

MIM 

Hodgson  Martin. 
J.RothstMd 
Touche,Remnaut 
Jvqry&Sime 
Edinburgh  Fund  Mgrs. 


JNVESTMmJTPOUCT 

Unst 

(2) 


Comm.  & Energy  (cont.) 

30  "Winterbottom  Energy 

Technology. 

10  Baffin  Gifford  Tech,  (w) 

84  Beming  Technology 

92  Independent 

342  TRTeduudogy 

INCOME  GROWTH 
366  British  Assets 

151  Krst  Scottish  Amerkan 

69  General  Consolidated  A 

205  Investors  Capital  TVust 

34  Lowland 

356  Merchants 

160  Murray  Income 

263  Murray  International 

173  Securities  Dust  of  Scotland 

SMALLER  COMPANIES 

44  Dundee  & London 

51  Rnffinh  & International  (b) 

74  F&C  Affiance 

15  FamDy 

10  First  Charlotte 

22  FlczningFledgelrag 

60  . Glasgow  Stockholders 

31  Govett  Enterprise 

30  jvwrj^fi 

2L  Moorgate 

21  North  British  Canadian. 

60  StAndrew 

214  Scottish  American 

41  Smaller  Companies  Int 

18  Strata  Investments  (w)  A 

216  TR  Trustees  Cotp. 

2460  Throgmorton  (w) 

SPECIAL  FEATURES 
71  AflsaA 

15*  Congotidated'%nture('w) 

154*  Drayton  Consolidated 

23  Edfahurii  ESnandal  (w) 

2450  Sifflgn  Trust 

41*  Fleming  Enterprise 

275  FlemmgMereaotile 

22-  GT  Global  Recovery  A 

55  Murray  Ventures  (w) 

87  Nineteen  Twenty-Eight  A 

8 Stewart  Enterprise  (w) 

98  TR  Property 

SPUT  CAPITAL  (x) 

25  Altifund  86/88 


•j.TtpijRn.in 


42  Crtv&Ccmmerdal  88/93 

38  Dualveat  85/87 

34  Ftmdinvesfc  85/90 

2 Marine  Adventure  88 


Management 

(3) 


Baillie,  Gifford 

Baillie,  Gifford 
Robert  Fleming 
Ivory  Sc  Sime 
Touche,  Remnant 

Ivory  & Sime 
Dunedin  FundManagexs 
Philip  Hill 
Ivory&Sime 
Henderson 
Kleinwort  Benson. 
Murray  Johnstone 
Murray  John  stone 

Martin  Currie  Inv.  Man. 

DunedinFbnd  Managers 
MIM 

Foreign  & Colonial 
Kleinwort  Benson 
Ivory  & Sime 
Robert  Fleming 
Gartmore  (Scotland) 
John  Govett 
Investors  in  Industry 
Philip  Hfll 
Investcre  in  Industry 
Martin  Currie  Inv.  Man. 
Stewart,  Ivory 
Edinburgh  Fund  Mgrs. 
Henderson 
Touche,  Remnant 
*Ihrogni£HtaaInv.Man. 

JRothsduId 

Mat 
Mac  . 

Stanecastie  Assets 
MerchantNayylnv.  Man, 
Robert  Fleming 
Robert  Fleming 
GT  Management 
Murray  Johnstone 
London  & Manchester 

Stewart,  Ivory 
Touche,  Remnant 

Gartmore 
Thornton &Cb. 

MIM 

MIM 

MIM 

Thornton  & Co. 


Net 

Share  Asset  Nth. 

Price  Yield  Value  UK  Amen 

(4)  (5)  (6)  (7)  (8) 

pence  % pence  % % 


as  at2Sth  February  19S6 


Geographical  Spread 


Total  Return 

onlSLAV. 

_ . | Gearing  over  5 years 
Other  I Factor  to282L86 

(10)  | (11)  (12) 

base=100  base-100 


INDICES  OF  FIVE  YEAR 
TOTAL  RETURN 

-I- Investment  Trust  Average  269 

F.TL-  Actuaries  All-Share  294 

* Standard  & Poors  Composite  311 

* TokyoNew  Stock  Exchange  39S 

* Morgan  Stanley  Cap.  Int  World  323 

+ Excludes  split  capital. 

* Adjusted  for  exchange  rate  changes. 


Investment  Trusts. 

lifour  shares  of  the  action. 


rTT" 

.i-v-wm 

» M rj(  » 


This  booklet  explains  in 
smpleeveiYday  language  hcnY 
Investment  Trusts  work,  tiie 
advantages  they  offer,  and  what 
they  have  achieved  fbr  their 
shareholders.  It  shows  what 
they  can  do  for  you  as  a pivate 
investor  and  gives  yon  details 
of  howyou  canbuy  their 
shares. 

(Hease  a!low21  dsyafitt  deHvery.) 


• TTniTha  AiwwiraHnn  nflrivegtmBntTrust  Gomnanies. 
. 1 iPark  House  (6th  floor),  16  Finsbury  Circas, 

V London  EC2M7JJ:  Tel:  01-688  5347 


J ‘More  for  your  Money.’  {block  cwtalsh^ase)  J 

■ Name  — — J 

I Address — B 

1^  If  yon  are  an  investment  adviser,  please  indicate  your  ■ 

profession:  StockbrokerD  AccotmtantD  SolidtorD  J 

IInBurance  Broker  □ Banker  □ Other  investment  adviser  □ B 

n*3i  • ■ 


mm' 


XH  WEEKEND  FT 


Financial  Times  Saturday* March  22  1986 


CLUTTONS 


Ashen 


Essex /Suffolk  Border 

Newmarket  about  18  miles  Clare  about  3 miles 

A Circa  16th  Century  Partly  Moated  Farmhouse 
5 Bedrooms,  2 Bathrooms,  3 Reception  Rooms.  Oil  CJL 
A [tractive  Garden.  Good  ranae  of  Outbuildings, 
in  eluding  n Loose  Boxes.  Railed  Paddocks. 

About  20  Acres 

Mayfair  Office.  Tel:  01-499  4155 


Near  Sherborne 

Somerset /Dorset  Border 

A small  Country  Estate  totally  secluded  and  peacefully 


UMMII  ViVUllUJ  WOiHhV.  . - --  . 

Situated  In  the  heart  ol  the  beautiful  Blackmore  vale, 
18tb  Century  House  with  4 Reception  Rooms,  5 Bedrooms, 
3 Bathrooms.  Separate  Cottage  with  2 Reception  Rooms 
and  3 Bedrooms.  Fine  MaLure  Gardens. 

Excellent  range  of  Traditional  Outbuildings. 

Pasture  Land  and  Woodland. 

About  44  Acres 

Joint  Agents:  Cluttons,  Wells  Office.  Tel:  <0749)  78012 
and  Palmer  Snell.  Sherborne.  Tel:  (0935)  812218 


127  Mount  Street,  Mayfair,  London  W1 Y 5HA,  Telephone  01-499  4155 

AlMofcljmion  — Waitings'.  KaBtagtnkQxtaL  AruncM,  B*h,  Camertuty,  Binbugb, 
Harrogate,  Oxford,  W#,  Bahrain,  Pubai.  furaua,  Sharjah. 


30  Rooms 


to  include  fine  reception  rooms 
Unique  views  over 
Hampstead  Heath 
Totally  secluded  in  about  5 acres 


Write  Box  T6312,  Financial  Times 
10  Cannon  Street,  London  EC4P  4BY 


Terrace  apartments  and  villas  at  Thera.  From  around  c.  £84,000.  Details  William  Willett  01-730  3435 

and  John  D.  Wood  01-629  9050 


Boom  on  Aphrodite’s  island 


Major  Investment  Opportunity 


Cefn  Lhvyd  Woodlands 
1077  acres  (436  hectares) 
North  Wales 
These  semi-mature  woodlands 
are  now  in  production.  Few 
woodlands  ate  offered  for  sale 
with  such  a well-structured 
range  of  age,  species  and 
markets.  An  ideal  investment 
for  institutional  or  private 
investors. 


Cefn  Llwyd  occupies  a 
magnificent  position  on 
unusually  fertile  land  atalow 


elevation.  Vii 

rates  for 

of  this  area. 


are  a feature 


Shotton  Pulpmfll  is  35  miles 
away  and  Kronospan's  mill 
at  Chirk  is  within  25  miles. 
Cefn  Llwyd  is  for  sale  as  a 
whole  or  m three  lots. 

Detailed  prospectus  from 

BID  WELLS  FORESTRY 

Chartered  Surveyors 
Thunpington  Road. 
Cambridge  CR22LD 
Telephone:  0223  841841 


CYPRUS,  immortalised  hy 
Homer  as  the  birthplace  of 
Aphrodite,  goddess  of  love,  is 
now  spawning  a number  of 
property  developments  that  may 
tempt  the  overseas  buyer. 

The  third  largest  Mediter- 
ranean island  after  Sicily  and 
Sardinia,  has  many  attractions. 
In  addition  to  the  .sunshine  and 
beaches,  there  are  cool  moun- 
tains clad  with  pine,  dwarf  oak 
and  cypress,  and  the  climate 
even  allows  ski-ing  on  Mount 
Olympus. 

Today  Cyprus  is  peaceful  but 
divided  by  the  AttHa  Line,  the 
boundary  between  the  Turkish 
north  from  the  Greek  south.  It 
was  drawn  in  1974  after  Turkish 
forces  occupied  around  37  per 
cent  of  the  island,  taking  in  the 
resorts  of  Famagusta  and 
Kyrenia. 


bedroom  “palaces”  built  for 
two  Arab  princes  right  by  the 
sandy  beach. 

Another  development  by 
Faraskevaides  current! v under 
way,  is  the  Zepbyros  Village  on 
an  inland  hilltop.  Prices  here 
are  as  low  as  C£32,200  for  a 
small  villa.  Both  projects  are 
part  of  the  exhibition 
“ Impressions  of  Cyprus  " being 
held  at  the  Sheraton  Park 
Tower  Hotel,  Knightsbridge, 
London,  today.  Inspection  trips 
are  being  organised  with  a stay 
at  L’Onda-  Beach,  the 
developer’s  hotel-apartments  on 
the  island. 

The  Omiros  and  Ara ouzos 


Group  has-  increased  its  de- 
velopments considerably  over 
the  last  few  years.  The  exten- 
sive Sun  City  Beach  complex  at 
Limassol  . has  flats  from 
C£17,025  to  nearly  C£100,000. 
The  group’s  sales  manager,  Mr 
Tony  Erotokritou,  formerly 
manager  of  the  Haringey,  Lon- 
don branch  of  the  Bank  of 
Cyprus,  says  that  some  of  the 
plans  are  being  changed 
specially  to  cater  for  the 
British  market  “ This  means 
providing  maisonnettes  and 
studios,  two  ends  of  the  market 
that  the  British  appear  to  like." 

Prices  around  Limassol  are 
usually  higher  than  in  Paphos, 


London  agent  Clifford  Tippett, 
William  Willett  7 Lower  Sloane 
Street  SW1,  believes  that  there 
is  great  potential  in  Cyprus, 
both  for  holiday  and  retirement 
homes. 


One  of  the  projects  Willetts 
are  promoting  with  John  D. 
Wood.  Is  Thera,  on  the  outskirts 
of  Limassol,  a resort  that  is 
also  a major  wine  production 
centre.  Villas  and  apartments 
are  tucked  among  pathways 
edged  by  ponds,  streams  and 
pools  that  stretch  down  to  the 
sea. 

The  Cyprus  £ is  equivalent  to 
£1.25  sterling. 

Prices  at  Tftera  are  from 
C £42, 000  for  a one-bedroom 
bungalow  to  C £84, 000  for  a two- 
bedroom,  two-bathroom  apart- 
ment complete  with  air  con- 
ditioning, marble  floors  and 
hand-made  tiles.  About 
C£352,000  buys  a five-bedroom, 
four-bathroom  villa.  You  need 
C£lm  or  thereabouts  for 
another  version  of  the  12- 


Mini-palaces  being  built  by  the  sea  at  Thera,  Cyprus. 

John  D. 


Details  William  Willett  01-730  3435  and  Jo! 
Wood  01-629  9050 


a small  seaport  with  its  archaeo- 
logical treasures.  In  a cheaper 
bracket  is  Lanarca,  where  in  the 
winter  thousands  of  migratory 
flamingoes  flock  by  in  a cloud 
of  pink.  A popular  priced  area 
is  Ayia  Napa,  an  old  fishing  vil- 
lage whose  monastery  was  built 
by  the  Venetians  before  1570. 

Village  properties  from 
around  C£ 10,000  can  be  searched 
out  by  Cypsun  Estates,  90 
Pinner  ' Road,  Harrow  Road, 
Middlesex.  The  proprietor,  Mr 
Elias  Onoufrou,  who  has 
developed  his  own  new  hotel, 
Elias  Beech  in  Limassol,  also 
handles  new  properties  from  a 
dozen  construction  companies. 
Buying  regulations 

A non-Cypriot  is  allowed  to 
own  one  house  on  no  more  than 
two  donums — about  two-thirds 
of  an  acre— or  one  apartment. 
Permission  baa  to  be  given  by 
the  Council  of  Ministers,  but 
this  is  not  usually  a problem. 

Transfer  fees  paid  by  the  pur- 
chaser to  the  land  registry 
range  from  5 per  cent  for  up  to 
C£10,000,  to  8 per  cent  over 
C£75.D00. 

Provided  the  purchase  money 
has  ben  imported  in  foreign  cur- 
rency, jt  can  be  repatriated,  and 
there  is  no  capital  gains  for  a 
non-Cypriot. 

Cost  of  living 

General  household  costs  are 
C£5  a month  for  water  supply, 
C£40  a month  for  electricity, 
and  C£20  a year  for  rubbish  col- 
lection. 

An  annual  property  tax  is 
about  C£30  a year  for  a three- 
bedroom  flat 

About  C£8Q  a month  (£100) 
should  cover  food,  provided  you 
concentrate  on  local  produce. 
Eligibility  for  permanent  resi- 
dency requires  only  that  you  can 
sfihow  you  have  an  annual  in- 
come of  cn.ooo. 


CHESS 


Jane  Field 


HONOURS  IN  the  early  rounds 
of  the  £18.000  GLC  tournament 
at  the  Great  Eastern  Hotel, 
London,  definitely  went  to  the 
young  British  grandmasters, 
particularly  Murray  Chandler 
with  his  fine  start  of  3J/4. 
Nunn  and  Short  were  tied  for 
second  place  while  the 
Russians  and  Boris  Spassky 
began  slowly. 

Play  continues  every  after- 
noon until  Thursday  March  27, 
except  for  Wednesday. 
Facilities  for  spectators  are 
good  with  running  com- 
mentaries by  experts  and  a 
bookstall.  There  is  also  a 
major  technological  innovation. 

Banked  above  the  players,  at 
the  side  of  the  main  hall,  and 
in  the  commentary  room,  are 
television  display  screens  that 
connect  to  the  main  boards  by 
hidden  electronic  devices 
inside  the  pieces.  So,  when 
Spassky  or  Nigel  SFiort 
advances  1 F-K4.  it  instantly 
appears  on  the  screen  without 
any  further  human  aid. 

This  new  system  has  been 
devised  and  developed  by 
Intelligent  Chess  Software  Ltd 
of  London  whose  directors, 
David  Levy  and  Kevin 
O'Connell.  are  well-known 
specialists  4n  the  computer 
chess  field. 

Automatic  game  display 
really  comes  into  its  own  at  the 
end  of  a session  when  the 
grandmasters  often  get  into 
acute  time  shortage  and  blitz 
their  way  to  the  clock  control 
at  a speed  beyond  .the  skills  of 
even  the  best  human  wallboard 
attendants.  Another  useful 
feature  is  that  when  the  GMs 
remain  at  the  board  after  play 
has  ended,  and  conduct  a brisk 
post-mortem,  you  can  watch 
their  alternative  suggestions  far 
away  in  the  commentary  room. 

The  pattern  of  British  success 
at  GLC  was  set  in  the  very  first 
round  when  Murray  Chandler 
met  the  Russian,  Vaganian,  win- 
ner of  the  1985  interzonal  and 
a semi-finalist  in  the  1986  candi- 
dates’ matches. 

Vaganian’s  style  is  sharp, 
gifted  and  original,  but  be  does 
sometimes  telegraph  his  pre- 
ferred opening  systems  by 
repeating  the  same  highly 
analysed  line.  Thus,  Chandler, 
whose  journal  Tournament 
Chess  is  a major  source  of  chess 
theory,  was  able  to  research 
his  opponent's  games  before- 
hand and  be  fully  primed 
against  Vaganian’s  pet  variation 
of  the  French  Defence. 

White:  W.  G.  Chandler 

(England).  Black:  ft.  Vaganian 
(USSR).  French  Defence, 
Winawer  (GLC  1986). 

1 P-K4,  P-K3;  2 P-Q4.  P-Q4; 

3 N-QB3.  B-N5;  4 P-K5,  P-QB4; 

5 P-QR3,  B-R4:  6 P-QN4. 

An  alternative  scheme,  sound 
but  less  ambitious,  is  6 B-Q2. 


6.PxQP;  7 N-N5,  B-B2;  8 
P-KB4,  B-Q2;  9 N-KB3,  BxN; 

10  BxB  ch,  N-B3:  11  O-O,  N-K2; 

12  B-Q3,  P-QR3;  13  K-Rl.  P-R3: 

14  Q-K2! 

The  fruit  of  Chandler’s  home 
research.  Short-Vaganian,  Biel 
1985,  with  B-N2  and  ...B-N3  \. 


inserted,  went  15  Q-Q2,  O-O; 


P-QR4.  White’s  queen’s  wing 
advance  then  created  weakr 
nesses,  so  Chandler  uses  a more 
direct  plan  of  king’s  side  attack. 

14—Q-Q2;  15  B-N2,  B-N3;  16 
QR-K1.  R-QB1.  . 

Black  now  faces  a choice  of 
evils,  since  castling  QR  would 
be  met  by  a similar  attack  to 
the  game.  Black's  Q-side  is  also 
vulnerable,  but  16... 0-0-0  may 
still  be  the  best  chance. 

17  P-KN4!  F-N3;  18  N-R4, 
P-KR4;  19  P-B5! 

A classical  breakthrough 
mechanism  against  the  French 
Defence.  White-  sacrifices  his  . : 
knight  for  mating  threats.  T 

19.. .RPxP;  20  FxNF,  RsN;  2fr  :~1 
PxP  Ch,  K-Bl;  22  R-Bl!  N-B4. 

The  threat  was  23  Q-Q2  and  j 
24  Q-R6  ch,  mating.  ; 

23  BxN,  F-Q6. 

If  2S...PXB,  24  P-K6,  Q-Q3;  25  , 
B-B4,  Q-K2;  26  Q-Q2. 

24  BxQP,  P-N6;  25  Q-N2,  RxP 
ch;  26  QxR,  PxQ;  27  B-R6  ch, 
K-K2;  28  B-N5ch.  K-Bl;  29  B-R6 
Ch.  K-K2;  30  B-N6. 

Boris  Spassky,  spectating  the  , 
game  recommended  30  P-Q  ch, 

RxQ:  31  RxR,  B-B2;  32  R(8)-BI. 
Chandler’s  move  also  wins 
decisively. 

30.. .B-B2;  31  B-N5  ch,  K-Bl; 

32  B-R6  ch,  K-K2:  33  P-Q  ch, 

RxQ;  34  BxR  ch,  K-Ql;  35  R-B7, 
Q-Kl;  36  B-N7,  NxKP;  37  B-EE- 
ch,  Resigns. 

For  if  K-Bl;  38  RxB  ch. 


*•: 


PROBLEM  No.  612 
BLACK(IOmsn) 


m 


■*!  V 
s 

V 


M 


in la'  sn&f 


WHITE  ( 9 men) 

Sax  v.  Ivkov,  Rio  de  Janeiro. 
A case  of  a grandmaster  missed 
opportunity.  White,  who  has 
moved  his  king  so  cannot 
legally  castle,  has  a knight  for 
two  pawns  but  is  under  pres- 
sure. Play  went  1 Q-R3  ch, 
K-NJ  (if  R-K2;  2 K-Ql);  2 Q-K3 
(threat  3 N-B6  ch,  PxN;  4 QxR 
ch).  K-Bl;  3 Q-R3  ch.  K-Nl  con- 
tinuing with  this  sequence  till 
a draw  by  repeated  position. 

After  the  game,  another 
grandmaster  pointed  out  that 
one  side  had  overlooked  a win- 
ning chance.  Who  missed  what? 


Leonard  Barden 


; •••• 


BATTERSEA  CHURCH  ROAD.  SW11 

Sole  Agents 

arVyi  i a FORD 

440  Kings  Road, 
London  SW10 
Tet  01-551 2385 


Small  exclusive 
development  ofTown 
Houses,  all  with 
gardens  and  one  or  two 
garages,  and  flats  with 
parking,  in  this  highly 
accessible  position  fust 
over  Battersea  Bridge- 
House  prices  from 
£190,000 


A Developmentby 
Developments  Ltd. 


SHOWHOUSE  OPEN  TOMORROW 

115Qam-4.30pm  Mon-Fri  9J50am-5  JOpm 


On  the  instructions  qfThe  Trevor  Estate  Ltd.— 

HILL  HOUSE  KNIGHTSBRIDGE  LONDON  SW7 


„ . j Potentially  one  of  London’s  finest 
houses  — Bor  Sale  Freehold,  with 
yfj~.  Vacant  Possession 


Built  early  1 9th  century  and  occupying  a 
* prominent  position  at  the  junction  of 
Knightsbridge  with  Trevor  Place,  Hill  House  is 
9 ; rfftk  for  ale  with  Planning  Permission  and  listed 
.Sgfjfi;;1*  Building  Consent  for  reconstruction  as  a 
superb  residence  of  about  9960  sq.ft. 

(925  m.sq.),  to  provide: 


— 71— 7^”  .'O 

FOUR  PRINCIPAL  RECEPTION  ROOMS.  BILLIARDS  ROOM. 

SWIMMING  POOL  WITH  ANCILLARY  CHANGING  ROOMS,  SAUNA  & KITCHENETTE. 
GARDEN  AND  ROOF  TERRACE  (WITH  BARBECUE).  GARAGE  FOR  TWO  CARS. 

SIX  PRINCIPAL  BEDROOMS  & FIVE  BATHROOMS.  THREE  STAFF  ROOMS  8cTWO  BATHROOMS 
KITCHEN,  SERVEKY  & LAUNDRY/UnLITY  ROOM.  PASSENGER.LLET.  FOOD  HOIST. 


apply  

sole  agents 


Price  £1,650,000 

WA.ELLIS 


174  Brampton  Road 
London  SW3 1 HP 

01-581 7654 

telex  23661 WAE 


A nexcitirgcLnFbpnietitoppo^ 

near  Bournemouth 


CR.vnt  n*G£nnni/vNkiANsmNiN  it  aousof 
- HNUkij^NnofmoNSiUN  si  iukkimhng  caches 

THF  MAIN  HOUSE  HAS  FULL9VAKP  RKSTAt  WANTIJCSNCLX. 

THE  NURSERVWIVl'  I I.WTOOMJK  ONTAINED  FLATS 

THE  CM  TULTUHNUS  HAVT.  PFT.MLFD  N R MISSION  H'lR  MCOTTACFSANDBRAIS. 
THF  GROUNDS  HAVE  CUTUM  PEP  MISSION  HOP  A r.WUwJi-LElSUKL  FACHJTX 
THERE  AKIMA  NY OTIJEJI  CXKrtr.GPtPMISMONS. 


K)R  SALE  JFREEHOLD  or  EQUITY  SHARE  ’ 

HenburyHouse- IliSP 


10202)887331 


no 


MEDIAEVAL 

FARMHOUSE 


Kont/Surrey  borders,  London  27 
miles.  Edenbridgc  2 miles,  MSS  8 
milos.  Rare,  partly  13th  C.  farm- 
house, listed  grade  2*.  Totally  rural. 
5 reCRp.  5 bed.  4 both.  16th  C.  barn 
for  conversion.  Garago.  1 acre  gdn. 

John  German,  Ramsbury 
Marlborough.  Wilts  • 0672  20691 


Rentals 


SUMMER  RENTAL,  LONDON.  NVfl 

’rorn  Brent's  Park.  Early  ! 

ykto.Lv,  nouies  m nulw  garden  square.  I 

“•“  beds.  2 Oaths,  conservatory,  orertv  1 
narden  V/efl-iurnUned  aAS 
cl ■nii 1 1 no  and  baby-sirting  hcln  available. 

' 'J,.1.1  Iijilus.ve,  £1.000. 
Write  Bov  T.S304,  Financial  Times. 
10.  r-annon  Street.  London  EC4P  CBY 


LONDON,  WI0 


excellent  refurbished  House  vdttt 
■nany  original  features.  3 bedims.. 
sathrm.  d,  shower  rm.,  2 receps.. 
stream! Inc  kitchen,  utility  rm.  CHf 
:hn.  Patlp.  Anuiablo  now  for  1-2 
rears.  £290  per  week. 

Molting  Hill  Once:  01-221  3500 


RESIDENTIAL  PROPERTY 
ADVERTISING 


appears  every 

SATURDAY  and  WEDNESDAY 


MB 

Onbriiaffofthe  Receiver  for  tteMetropt^tmiPttBce  District 

HUM] 

■Freehold  Flats  forSale- 
— byFormalTender- — 


•Londomswi* 


An  ootst^ng  opportunity  to  aa^irireafetoidm  this  fast  inq}roringresidfflitid{Este 
vacant  possesskractf42  flats  aiul  viable  reversion  on  12  flats  in 1989.  ConsideraWesccqje  for  an  immediate 
sdffimecrfadaptatxmaiximqTOveineraarri  the  ben^  of  a substantia  income  from  the  let  bu&fing. 

-FOR  SALEBSrFOSMAL  TENDER  ON24TH  APRIL  3986 

Full  details  and  tender  documents  from  Sole  Agents 

43  St  James’s  Place 
London  SW1A1RA 
Telephone: 01-499 0866 
Telex:  24310 


MELLERSH 
& HARDING 


Fax:01-4081387 


Overseas  Property 


FREE  SUNSHINE  & INSPECTION  FLI6HTS 


I & 2 bedroom  houses,  all  with  garaging  space,  at  prices  from 
approx.  £17,000  to  £35,000  FREEHOLD.  Mortgages  available.  Luxury 
development  of  Marina  de]  Sol  on  Costa- del  5ol,  which  includes 
facilities  far  tennis,  riding  and  swimming.  Close  to  the  sea  and 
mountains  with  superb  views.  Free  flights  to  purchasers. 


5PS  International  Estate  Agents 

90  Brent  Street.  London  NW4  2ES.  Tel:  01-202  89T1/0I-794  33*4 


J? 


FOUN1AIN 

FORESTRY 


FORESTRY  IN 
NORTH  AMERICA. 

ETTELE  CHARLEY  POND 
LONG  LAKE, 

NEW  YORK  STATE 

2,045  acres 

Mixed  hardwoods, 

excellent  fishing 

$315,000 


Cotrtaob- 

B.  N.HoweD,  To  untain  FtfrestrrLtJ, 
35  QaiKn  Anne  Street,  timdon  VV1M  9FE 
Phone  01 631 U845. 


ISLE  OF  WIGHT 


Late  16th  Century  Farmhouse  in  isolated  rural  situation  having 
6 acres,  good  outbuildings  plus  separate  bungalow.  Main  house 
has  4 bedrooms,  3 reception  rooms,  etc.  Bungalow  has  2 bed- 
rooms. All  in  good  order. . 

FREEHOLD  £175.000 

Full  details:  WATSON.  BULL  & PORTER 
(0983)  526844 


SOWLEY 

Near  Lymington 


A vwy  special  ft™  Mdrosmd  country 
house,  occupying  an  unrivalled  position 
with  its  own  private  lOnMhOr*  between 
Lyminoton  and  Beaulieu.  The  property 
possesses  scope  for  further  modernisa- 
tion. Three  bedroonted  staff  bungaiow- 
Numeraus  useful  outbuildings.  Matured 
and  sheltered  grounds. 

AUCTION  SALE;  Mid-May.  19M. 

Prlee  Guide: 

£25OiOOOf£50O,OOO  freehold 
JACKSON  A JACKSON, 

"he.  House  on  tin  Quay. 


Lymlngran,  Hampshire. 
Telephone  (0590)  7 5025 


SANDWICH  BAY 


Italian  style  Home,  built  to  a very  high 
standard,  set  in  Its  own  grounds.  w»n 
luxurious  ftttlnus  overlook!  no  Che 
National  Trust  Sanctuary.  Entrance  Hah. 
Four  Bedrooms,  one  with  en-sulte 
Bathroom  and  Dressing  Room,  Second 
Bathroom,  Dining  Hail,  Drawing  Room. 
Dining  Room,  Siematic  Kitchen.  Utility 
Room.  Conservatory,  Cloakroom,  Obser- 
vatory, gas  CH..  Double  Garage, 
boaotllul- grounds  with  secluded  walled 
garden.  otters  m the  region  of 
£200,000  Freehold. 


da  Mowbray  m Co.,  __ 

19  Strand  street.  Sandwich.  Kent. 
CT13  9DX.  0304  614405. 


LAKE  GENEVA-MONTREUX 

FOR  SALE  TO  FOREIGNERS  — 4 FLATS 
Lake  View  - Directly  from  Builder 
No  Sales  Commission  - Ready  July  1986 
Excellent:  individual  financing  available 
J.  B.  IMMOBILIER  SA 

Rue  de  Bourg  17,  1003  Lausanne,  Switzerland 
Tel:  (021)  20  91  07  Telex:  24453  BAIL  CH 


CYPRUS  VILLAS 


Widest  choice  of  freehold  luxun 
residential  villas  and  holiday  apart 
menta.  Best  locations  in  Limassol 
Paphos.  Lamaca  and  Pissoun  areas 
Pros  legal  and  procedural  advice 
from  professional  staff.  Inspectioi 
flights  and  holiday  bookings. 
Brochure  f Listing: 

VUlaMted  Progenies 
5 Sleaford  Road 
Branston.  Lincoln  LN4  ILL 
COoon  7 days! 

Tel:  0522  793065  (Z4  hr#) 


CYPSUN  ESTATES 
VILLAS,  APARTMENTS  AND 
LAND  IN  CYPRUS 
Contact  the  specialists: 

80  Firmer  Road,  Harrow,  Middx 
Tsl:  01-4Z7  7676 
Telex:  933933 

or  our  own  luxury  hotel  Elias  Beach 
PO  Box  4300.  Limassol 


SWITZERLAND 

DUPLEX  APARTMENT 


For  eale,  direct  from  the  builder  in 
VERB1ER.  In  the  magmheont  ski 
resort  of  tho  Wallis  Alps- 
EXCEPTIONAL 

1 Hying,  2 bedrooms,  kitchen, 
balcony,  parking  place.  BeuutKul 
view  of  tha  Alps.  Sunny  end  quiet. 
Price  SFr260.000 
Mortgagee  up  to  60 V»  available 
Write: 

Mr  Pierre  Peju.  PO  Box  129 
CH-1018  Lausanne  18,  SwiUorland 


GEORGE  KNIGFFE 

— & PARTNERS— 
, TbeLettingAgents 


EXCEPTIONAL 
INVESTMENT 
CARVOEIRO 
THE  ALGARVE 

Outline  planning  consent 
has  been  obtained  for  the 
conversion  of  a magnificent 
stone-built  residence  for  use 
as  a country  club  with 
permission  for  construction  of 
twenty-live  villas  in  its 
grounds  of  two  hectares  a]]  of 
which  will  enjoy  magnificent 
views  across  the  rooftops  of 
the  village  to  the  sea. 
SUBSTANTIAL  OFFERS 
INVITED 
9 Heath  Street 
London  NW3  fiTP 
Telephone:  01-435  3299 


CORFU 

Unique  Opportunity 
to  purchase  a villa  on  the  lovoly 
west  coast  of  the  Island 
Separate  guest  and  staK  cottages 
Olivo  & cypress  groves  adjoining 
beach.  In  all  about  10  acres 
Brochure  ftom: 

PEREDS.  Portland  House 
Portland  Rd,  London  W11  a LA 
Tel:  01-221  1404  Telex:  896891  Pereds 


SPAIN,  CANARY  ISLANDS 
PORTUGAL,  MADEIRA.  ITALY 
GIBRALTAR  AND  FLORIDA 
SPAIN— NewlRculc  In  Lanzarote. 
Tenerife.  Costa  Blanca.  Costa  dm  Sol. 
Malaga-Marbella  or  aep.  list  wot  nt 
Marbcila.  Costa  de  la  Lm  CAlgeclrai- 
Cadiai,  Costa  Brava,  Mallorca,  Molacar 
Houses  to  renovate  at  Cdidmu  nr" 
Mataoa.  GIBRALTAR  — Newtre-sale 
PORTUGAL — Wide  choice  new  and  old 
In  rhe  Algarve,  new/resale  Estoril. 
Cascals,  Eintla  and  sep.  list  hw  For 
SF.&c,flQ  ,QO  Ims  north  of  Lisbon 
it2PS,Bv  — ViiiasiplotsiaBartmenis. 
IT«LY — Tuscany  rural  and  town  pro- 
perties. FLORIDA— —Homoy  businesses, 

visa  otfvlcj  state  specific  arc*  renulrcd. 

EABET  SALES.  1*  HlOh  SI. 
Godaimlng,  GU7  1ED.  f04B6B>  ZB525 


CHIEF  EXECUTIVE  OFFICES 
ONE  OF  NASSAU'S  MOST 
OUTSTANDING  RESIDENCES 
FOR  SALE 

Ideal  for  Corporate  Function* 


Please  contact: 

PO  Box  N4587,  Naeeau.  Bahama* 
or  Tel:  809-322-3883 


NEW  LARGE 
BEACH  APARTMENTS 
Costa  Auhar,  Near  Gandia 

I The  Orange  Blossom  Coast) 


’S^.41'Td-  Hfl  blol:te  O'  22  No. 
' 3 bcdioom,  2 batnrpom  apartments 

i.T'ni.nr’  ■S1*  a"  In  land- 
Kjpcd  gardens.  The  position  or  Uus 


SSES.  any- 


whorc  on  the  COSTA  BLANCA  as"^ 
on  the  most  beautiful 
natural  sandy  beach.  Tho  area  enjoys  an 

if”*'  water  all 

int  Ywiir  round. 

T&t.  ^ oV^loi?  SEJSS: 


SWITZERLAND 

IN  THE  MAGNIFICENT 
RESORT  OF 
LEYSRV 

We  are  building  comfortable 
apartments  2 in  5 rooms 
FROM  SF  158,000 
60 ‘5  mortgage  available  at 
61%  interest 
AGENCIE  ROMANDE 
LTUIOBILIERE 
1003  Lausanne,  Switzerland 
Tel:  (021)  20  70  1L  Tlx:  25837 


SOUTH  TENERIFE 

rZZSFSgJSr**?*  apartment  In 
P”c.ctllt  ot  1.09  ChrkscianoSv 

VO«r  holiday's,  or  rt-nr^mcnC 

SSg-.-wriTi 

Write  or  phone  for  derails  to- 
ASOMADA  DE  LOS  CERES 
K Cotgrave  Road.  Plum  tree.  Notts. 
Tell  06077  461 S 


CYPRUS  PROPERTY 
EXHIBITION 

Saturday  22  March  11  are -9pm 
at  the 

SHERATON  PARK  TOWER 
Knightsbridge,  SWl- 
Luxury  villas  from 
£40,000  to  £250,000 

or  contact: 

William  Willett  Ovorxeas 
125  Gloucester  Road 
London  SW7  - Tel:  01-370  4500 


HORNE R-HILL,  FRANCE 

Luxuriously  appointed  chateau  dating 
KPJ1 , ««  century  sot  within 

2 87  acres.  I'j  Urs  BorOcnm.  Suitable 
«-tDrM,aw  rpskJenM  *r  hgtol  and 
ronicrence  centre  Large  reception 
rooms.  SI*  B0RM  suites  plus  further 
610 " - Cau>tou*c  and  out- 
....  FOR  DETAILS  APPLY  TO 

a large  selection  of  property 
Ifbm  cneotoaux  to  houses  and  hnn 

FF  to  7^ino.ooop?] 
Enquiries,  token  ter  property ' In  snain 

no!*S 


AUSTRIA 

Apartmenu  for  sale  in  world  ski 
resorts,  £2Q,000.£70.0Q0.  Glacier 
Skiing  m summer;  heated  pool,- 
sauna,  tennis  courts.  I night  free 
in  hotel  to  view 
90%  MORTGAGE  AVAILABLE 

Brochure: 

CHESSHIRE  GIBSON  & CD 
Tel:  01-491  7050 


te-T 


SWITZERLAND 

“Tf1®*®  ra"ao  of  properties 
f w iOU9.h1ou'  Saarland  . 
Over  50  locationa  including 
Geneva  area.  Villa  re; -Vorblar.  - 

CIY^e*7';.L*C-  Oberland, 

Lake  Lucerne.  St  Morlu.  eio- 

For  lurthar  details  please 

contact  tha  Swiss  specialist*  - : 

AiVVU1Y  SCOTT  PROPERTY . 

■ 422  Upper  Rictunoncf  Rd  West  ' 
London  SW14  7JX  • 

Tel: SI-876  6556  - Tolox:SZ70Z8 


■-  'r  7> 


f ^SEf 1 hKSure'^,^i,t  Comorafwn- 

Bnshton  722357.  BOM‘  l”07^  ®“s^c* 

iS&vlfV  ' ’’  ' 'V'  ' 


J--JH 


'aSitl  Beach.-.  Attrieth* 


.«!-V 


Fisaricial -Times'  Saturday  March  22  Uteri 


WtiliKbiMi  FI* 


£,  ■ 


TRAVEL*  MOTORING 


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AS  DAWN  BREAKS  ever  1!.* 
■ Mata Ham  ..river  in  central 
. Romeo  the  thin  Him  of  cdL-i 
clinging te  the .equatorial  foiifti 
u«i5  Jta  banks  begins  ;n 
liirwhx.  The  sound  of  tfur 
engine  chugging  up*z  rv.-ux, 
ckavia#  a path  through  the 
: dark,  muddy  water.!  is 
oausiotwlly  punctuated  by  the 
-thrill  cry  of  the -rare  proboscis 
or  lwa*uosud  monkey  swinging 
from  the  top  of  a mango  ircc 
like  a primeval  Johnny  Weirtr 
imiller. 

Up  oa  deck  David  Boyce— 
L-mptre-biuititr’s  shorts.  Ion" 
rocks  and  a peeling  no«c— ;s 
training  10  catch  a glimpse  of 
llw  equally  rare  sweet-water 
dolphin,  found  only  in  the 
Mata  lam.  the  Amazon,  the 
ilariPs.  the  rivfrr  Plate  and  in 
a single  lake  TOO  miles  up  thu 
Ytmgra  river  in  China. 

These.'  dolphins  are  com- 
pletely blind,  relying  an  built- 
in  echo  detectors  to  get  their 
bcarmps  and  probing  the  muddy 
river  bottoms  with  their  snouts 
in  search  of  food.  As  the  rising 
sun  streaks  the  skv  pin!;  i-.e 
catch  sight  of  a school  uf 
dolphin,  gently  breaking  surface 
on  their  way  downriver. 

‘■The  water  level's  falling.” 
says  Boyce,  an  affable  Austra- 
lian aid  worker.  “Thoj're 
headed  for  deeper  waters.” 

East  Kalimantan,  the  bigqi-sj 
of  Indonesian  Borneo's  four 
provinces,  has  bad  a light  rainy 
season  this  year,  good  for 
visitors  but  not  so  good  for 
the  creatures  which  inhabit  tin* 
primeval  island  and  who  Append 
on  the  tropical  monsoons  for 
their  rurvivaj. 

Borneo,  or  Kalimantan  as  it 
is  called  by  the  Indonesians  — 
it  means  “ Isle  of  Maa*ot>.-i  ” — 
is  the  world's  third  biggest 
island  after  Greenland  and  New 
Guinea. 

The  northern  part  consist' 
of  the  two  eastern  states  of 
Malaysia  (Sarawak  and  Sabah) 
and  Brunei,  the  tiny  oil-neb 
sultanate  which  originally  gave 
its  name  to  the  entire  island 
but  which,  over  the  years,  was 
reduced  lo  a pair  of  coastal 
slivers  and  is  ruled  today  by 
one  of  the  richest  men  in  the 
world. 

While  rich  in  resources  — 
coal,  gold,  uranium,  timber,  oil 
and  gas  — over  90  per  cent  nf 
Borneo's  land  area  is  jungie 
and  rivers.  Seen  from  an  air- 
craft it  stretches  like  an  ocean 
of  green  to  the  horizon.  It  is 
one  of  the  last  places  on  earth 
where  the  traveller  can  still 
encounter  life  in  the  raw. 

Until  quite  recently  trips 
through  Borneo,  whether  in 
Sarawak— until  1946  fiefdom 
cf  the  Brooke  family,  the  while 
rajahs  of  Malaya  — or  Kali- 
mantan, were'  either  for  the 
v»*ry  adventurous  or  for  eccen- 
tric travel  writers  who  took  a 


Swinging  monkeys  and  blind 
dolphins:  Alain  Cass  reports 

Jungle  jaunts  in 
deepest  Borneo 


peculiar  delight  In  traveilmg 
for  days  in  the  company  of 
Jeechps  and  sleeping  at  night 
with  mn-'qustoc;  or  ]ifrrr>;>!iA 
r nmpyrnr,  i he  largest  bat  in 
Ihe  world,  swooping  overhead. 

Today  thing  * are  easier, 
especially  on  the  Indonesia 
side,  thanks  largely  tn  the 
effort.*  of  a small  number  nf 
tour  operator,  and  men  lil.e 
David  Boyce  who  arc  ‘■lowly 
opening  up  rhis  vast  trove  nf 
wiid  Fauna,  compelling  land- 
scapes and  traditional  tribal 
life  to  The  outside  world. 

Boyce — ” my  pet  hates  are 
mi.xsionnrivN  Frenchmen  and 
economists  " — runs  a majnr 
held  station  at  Kotahangun  on 
the  Maliakam  river  as  pan  of 
a West  German  aid  project  to 
Indonesia.  Walking  through  his 
\nll3ge.  once  pan  of  the 
ancient  Moslem  kingdom  of 
Kumi.  he  slops  here  and  there 
to  chat  in  fluent  bahaxa,  or 
Indonesian,  with  his  flock. 

On  the  river  b3nk,  where 
floating  bath-houses  sway  to  the 
wash  from  a passing  boat,  a 
local  medicine  man  tells  a 
small  crowd  that  he  can  cure 
anything.  '*  I came  here  for  six 
months.”  says  Boyce  “and  I'm 
still  here  seven  years  later." 

Boyce  and  liis  West  German 
employers  have  gone  into  part- 


nership with  a four-star  hotel 
in  (he  oil  town  of  Ualikpapan 
on  the  const  lu  provide  four- 
day  river  trips  on  llic 
Mahakam.  The  hotel  provides 
the  tourists  and  Boyce  provides 
the  boats. 

It  is  not  quite  up  to  “Death 
on  lh«»  Nile " .standards.  **  but 
for  those  who  do  not  inind 
sharing  a simple  meal  on  board 
one  of  the  l!2-nieire  launches 
and  sleeping  on  camp  hods  in 
the  main  cabin  while  the 
skipper  manouevres  round  float- 
ing logs  or  stretching  out 
beneath  a vast  starlit  sky  there 
are  few  rivals. 

One  object  of  any  trip  to 
Borneo  is  to  make  contact  with 
the  Dayak  tribes,  a handsome 
fair-skinned  people  who  believe 
in  the  spirit  world,  can  still  hit 
a papau  at  50  paces  with  a 
blowpipe,  arc  remarkably 
hospitable,  brew  a lethal  con- 
coction called  luak,  and  live  in 
longhouscs. 

Dayaks  (on  the  Malaysian 
side  they  arc  called  lbans) 
were  avid  headhunters  until 
30  years  ago.  believing  that  the 
drird  skull  contained  the  most 
powerful  magic  in  the  world. 
These  days,  due  to  a shortage 
of  fresh  heads,  ceremonies 
.such  as  the  Erau  Kcpala.  or 
rice-planting  festival,  conducted 
by  tribes  living  in  the  upper 


read ie:.  of  Ihe  Mahakam,  ha-.e 
lu  make  do  with  old  stock. 

Starling  out  from  Balikpapan 
(iv.o  iiuurs  Ilyins  time  frun: 
Jakarta)  we  drove  to 
Samarmria.  capital  of  East 
Kalimantan,  a province  the  sue 
nf  West  Germany.  There  we 
hoarded  one  of  the  five  boats 
specially  built  by  TAD,  The  aid 
project  and  steamed  upriver 
overnight,  arriving  for  break- 
fast at  Kotfiarigun. 

A shower  and  hreukfa&t  and 
vcv  w«*re  ready  to  plan  our  trip 
further  upriver.  The  BJabakain 
r.  navigable-  by  ihu  biggi'r  boats 

for  up  tu  200  miles,  as  the  crow 
flies.  After  that  travellers  nave 
to  transfer  tn  smaller  boars, 
narrow  and  low  like  skulls,  and 

powered  by  engines  powerful 
enough  tn  push  against  the 
.strong  currents. 

That  night  we  set  off  for 
Meiak.  a picturesque  Moslem 
village  strangely  reminiscent  of 
tin-  floating  market  in  Bangkok. 
Perhaps  all  river  life  has  the 
sam-  quality  uf  vibrant  energy. 

Finding  Dayaks  in  Kali- 
mantan is  not  quite  as  easy  as 
it  is  in  Sarawak,  where  they 
live  further  downriver.  To 
reach  i he  nearest  longhousc- 
from  Meiak  we  would  have  to 
i id*-  on  a i nick  for  UU  miles  and 
then  transfer  to  scooters  for 
tlie  remaining  journey,  along 
narrow  jungle  tricks. 

Racing  through  the  under- 
growth, stopping  only  to  pick 
ouiM'lvcs  up  every  time  my 
scooter  pilot  insisted  on  doing 
an  impersonation  of  Eve! 
Kn level  while  screaming  “Ok, 
no  problem,"  we  arrived  at  the 
longhouse  in  the  middle  of  a 
tropical  rainstorm. 

The  chiefs  son,  his  hair 
neatly  folded  in  small  yellow 
curlers,  greeted  us  politely, 
while  his  wife  set  about  cook- 
ing some  of  the  rice  and  dried 
fish  we  had  brought  as  an  offer- 
ing. Outside  a delighted  crowd 
of  small  children  splashed 
through  the  puddles  chasing  a 
small  herd  of  pigs. 

The  longhouse,  which  norm- 
ally housed  80  people,  was 
nearly  empty.  The  chiefs  son 
explained  this  was  because 
many  families  had  gone  pros- 
pecting for  gold  further 
upriver.  But  it  was  still  worth 
it. 

Neither  the  motorcross  nor 
this  particular  longhouse  is  on 
the  usual  tourist  route  offered 
by  the  operators  but  if  there 
are  enough  of  you  they  will  be 
flexible  about  where  they  go 
and  what  they  take  you  to  see 
— within  reason. 

For  more  details  contact 
Braufort  International  sales 
otjicex  in  Frankfort,  Singapore, 
Kuala  Lumpur  and  Jakarta;  or 
Hotel  Bcnakutai,  Jalan  P. 
Antasari,  Balikpapan,  Indo- 
nesia. Tel:  21747,  22747.  Telex: 
37122. 


Arthur  Heilyer  on  the  latest  in  lawn-mowers 


Anne  Morrow 


Splendour  in  the  grass 


Who  wants  to  buy  Land  Rovers? 


IT  IS  convenient  to  consider 
lawn,  mowers  in  three  price 
groups  each  of  which  screes  its 
own  market.  At  the  bottom  of 
the  scale  arc  the  mass  produced 
machines  from  Qixalrast.  Flymo 
and  Black  and  Docker  which 
can  be  bought  at  a great  many 
stores  and  garden  centres  at 
prices  from  about  £25  to  £100. 

In  the  middle  range  are 
larger  walk-bebind  machines, 
with  Flymo  still  represented  but 
other  brand  names  as  well  such 
as  Suffolk  Punch,  Atco,  Webb, 
Ransomcs,  Hayter  and  Mount- 
field  and  at  the  top  are  ride-on 
mowers  and  garden  tractors  in 
a very  wide  price  range  starting 
at  around  £700  for  the  simplest 
machines  and  going  up  to  sev- 
eral thousand  pounds  for  the 
most  complex  and  versatile. 

I have  recently  been  looking 
at  some  of  the  small  power- 
operated  machines  specially  de- 
signed to  take  over  the  market 
from  manually  operated 
machines  which  once  dominated 
the  cheap  market  but  have  been 
reduced  to  something  like  a 5 
per  cent  share.  Even  owners  of 
tiny  lawns  arc  prepared  to  buy 
small  rotary  and  cylinder 
machines  with  blades  driven  by 
electric  motors  similar  to  those 
used  in  domestic  vacuum 
sweepers.  Some  of  these  have 
a single  handle,  just  like  a 
vacuum  sweeper,  and  many  tend 
to  be  used  in  a similar  way. 
pushed  and  pulled  this  way  and 
that  with  very  little  pattern 
about  the  movement  and  used 
from  any  convenient,  standing 
point. 

I see  nothing  against  this  kind 
of  operation  if  the  object  is 
simply  to  keep  the  grass  short 
but,  rather  caught  by  their  own 
publicity,  the  manufacturers  of 
small  machines  are  finding  an 
increasing  demand  for  mowers 
that  will  leave  the  traditional 


evenly  striped  finish  of  the  best 
kept  lawns.  This  is  caused  by 
the  rear  roller  pushing  the  grass 
down  in  front  of  it  so  tbat  the 
ligbt  is  reflected  differently  ac- 
cording to  which  way  the 
machine  has  moved  across  the 
lawn.  This  means  that  the 
machine  must  be  pushed  back- 
wards and  forwards  across  the 
lawn  in  regular  parallel  lines. 

But  the  striped  effect  does  not 
last  very  long  and  so,  if  you 
want  to  impress  your  friends, 
you  must  either  cut  daily  for 
at  least  every  second  day)  or  do 
the  mowing  an  hour  or  so  be- 
fore they  arrive. 

'ow  they  get  the  pictures  in 
the  glassy  catalogues  and  video 
display 5 I do  not  know.  They 
never  show  that  part  of  the 
operation.  I cross-mow  a strip 
at  each  end  of  the  lawn  to  give 
turning  space  but  this  means 
that  there  are  lines  at  right 
angles  to  the  main  mowing 
lines. 

No  one,  so  far  as  I know,  has 
yet  made  on  air-cushion  mower 
that  will  leave  stripes  but 
Flymo,  specialists  in  this 
market,  has  considered  this 
matter  of  sufficient  importance 
to  produce  a wheel-borne  rotary 
mower  with  rear  roller  and  a 
rear  mounted  grass  box  to 
supplement  its  air-cushion 
range.  It  has  been  named  the 
Chevron  and  is  available  in  two 
sizes,  the  smaller,  giving  a 30  cm 
(12  in)  width  cut  said  to  be 
suitable  for  gardens  up  to 
300ma  and  powered  by  a 1.000 
watt  motor,  the  larger  giving  a 
35  cm  (14  in)  cut  with  a 1150 
watt  motor  and  said  to  be  suit- 
able far  gardens  up  to  500m2. 

It  is  not  clear  whether  these 
flcruTPs  are  giving  the  garden, 
not  the  lawn  size,  but  Flymo  is 
completely  unambiguous  about 
its  Minimo  Plus  model,  the 
smatfest  air-cushion  rotary  in 


their  range  with  grass  pick  up, 
giving  a 28  cm  (11  in)  cut, 
which  they  claim  is  ideal  for 
lawns  up  to  300m2. 

Qua  least  is  much  more 
modest  and,  I think,  more 
realistic  In  suggesting  that  a 
30  cm  mower  is  ideal  for  lawns 
up  lo  100  square  yards  (84m2) 
a 34  cm  machine  up  to  200  sq 
yds  and  a 43-45  cm  machine  for 
lawns  over  200  sq  yds.  Qualcast 
has  looked  even  lower  down  the 
scale  and  produced  a new  light- 
weight Concorde,  the  RE25X, 
with  a 25.4  cm  (10  in)  cutting 
width.  All  the  Concordes  are 
cylinder  machines  which  cut 
grass  in  a scissor-like  way  with 
fast  revolving  blades  just  touch- 
ing a fixed  bottom  blade. 

All  Concordes  are  fitted  with 
rear  rollers  to  give  a striped 
finish  and  all  have  rear  mounted 
grass  boxes.  Two  advantages 
of  rear  discharge  are  that  the 
grass  collection  box  does  not  jut 
forward  into  flower  borders  or 
other  obstacles  and  that,  should 
one  decide  to  remove  the  grass 
box  and  let  the  clippings  fly  as 
a mulch,  the  cutting  mecha- 
nism does  not  have  to  run  over 
the  loose,  distributed  grass. 

An  interesting  Qualcast  inno- 
vation this  year  is  an  edge 
trimmer  which  can.  be  attached 
to  any  Concorde  REX  lawn- 
mower.  This  is  a multiple  blade 
trimmer  similar  to  some  of  the 
simple  one-hand  clippers  and  it 
can  be  attached  to  the  drive 
shaft  at  the  side  of  the  machine 
and  then  run  along  the  edge  of 
the  lawn.  It  will  cut  quite  rough 
grass  but  Ideally  one  should  get 
the  lawn  edge  into  good  shape 
at  ihe  beginning  of  each  season 
with  edge  cutter,  and  shears  and 
then  use  the  mechanical 
trimmer  to  kep  it  tidy. 

Oualcast  has  already  intro-, 
duced  a lawn  rake  that  can  be 


Far  left:  Qnalcast’s 
Hover-Safe  at  £55. 

Centre:  The  same 
company’s  Suffolk  Punch 
35S  (£253.90).  Right: 

The  Mounts  eld  Empress 
IS  Electric  Start 
(£458^5). 

attached  to  the  blades  of  th 
REX  range  so  now  thes 
machines  can  be  used  for  mov 
ing,  edging  and  raking, 
would  like  to  see  the  trimme 
adapted  for  use  on  larger  petrt 
engined  mowers,  such  as  th 
Suffolk  Punch,  for  these  can  s 
anywhere  without  the  restrii 
tions  imposed  by  cable  lengl 
and  the  availability  of  a mair 
electric  power  point. 

In  small  gardens  edge  tnn 
roing  is  not  much  of  a choti 
It  is  in  large  gardens  that  it  ca 
become  really  time  consuming. 

In  the  middle  price  ran? 
there  is  plenty  of  variety  aval 
able  in  petrol  engined  machine 
though  several  of  the  branc 
have  strong  family  resen 
b lances.  I use  the  35cm  (Min 
Suffolk  Punch  cylinder  move 
for  which  the  recommended  r. 
tail  price  is  £29189p,  though 
will  probably  be  available  th. 
spring  in  some  large  DIY  store 
at  £200  or  thereabouts. 

I find  it  excellent  for  ordinar 
lawn  mowing  and  it  can  be  han 
pushed  in  awkward  places,  lea- 
ing  only  the  cylinder  blade 
power  driven,  or  can  be  full 
power  propelled.  A 35  ci 
(14  in)  Webb  machine  of  sim 
lar  type  would  cost  about  £3C 
and  the  same  size  Atco  anothc 
£10-£20.  I also  use  an  old  Flym 
Domestic  giving  a 47  cm  (19in 
cut.  This  is  no  longer  availabj 
but  the  Flymo  Pilot  range  ■ 
very  similar.  The  L47  modi 
which  also  gives  a 47  cm  cu 
retails  at  about  £230  but,  < 
course,  cannot  be  power  pri 
pellcd. 

But  the  Flymo,  with  its  slit 
hood,  is  ideal'for  slipping  unde 
overhanging  shrubs  and,  lift 
all  air  cushion  machines,  can  fa 
moved  with  equal  ease  in  an 
direction.  Qualcast,  having  crit 
cised  the  air-cushion  mower  fc 
years,  has  now  entered  this 
years,  has  now  entered  th 
market  with  its  own  cable-el 
trie  Hover-Safe  with  plasb 
blade  giving  a 30  cm  (12  in 
cut  and  selling  for  about  £55. 

At  the  £300  plus  price  levs 
there  are  also  numerou 
wheeled  rotary  machines,  som 
power  propelled,  some  not.  Gr 
ing  still  further  up  market  on 
can  now  find  models  like  th 
18  in  Mounts  eld  Empress  an 
the  19  in  Hayter  Harrier  22 
with  electric  self  start 
This  Is  such  a boon  that  I prt 
diet  it  is  bound  to  take  an  it 
creasing  share  of  the  mark? 
Self  starters  seem  to  add  abou 
£40-£50  to  the  basic  cost  but  ar 
as  yet  only  fitted  to  those  i 
the  £400  plus  range. 


THE  CONTROVERSY  over 
General  Motors’  -wish  to  take 
over  Land  Rover  is  understand- 
able but  some  of  those  shouting 
the  loudest  seem  to  be  rather 
light  on  facts. 

It  is  easy  to  see  why  Members 
of  Parliament,  with  an  eye  on 
the  next  general  election,  should 
declare  in  ringing  tones  that 
Land  Rover  would  pass  into 
foreign  hands  over  their  dead 
bodies,  or  words  to  that  effect. 
And  why  opinion  polls  should 
reveal  that  90  per  cent  of  us 
would  prefer  that  Land  Rover 
should  remain  British. 

I have  no  wish  to  trespass  into 
the  political  and  industrial 
arena  which  is  served  by  better 
qualified  commentators  than  me. 
But  I do  know  a bit  about  Land 
Rover  as  a product  and  of  the 
world  in  which  it  has  to  be  sold. 
I have  driven  most  of  them, 
from  the  1950  slab-sided.  Rover 
12  engined  one  I owned  years 
ago  to  the  latest  VS  engined 
models,  which  are  almost  like 
Range  Rovers  in  an  old  suit  of 
clothes. 

•As  a cross-country  vehicle, 
used  up  to  its  hubs  in  mud, 
climbing  rocky  slopes  or  pene- 
trating jungles,  I doubt  that 
there  is.  anything  better  in  the 
world  than  the  current  L^nd 
Rover.  It  is  strong,  long  suffer- 
ing and  for  sheer  gn-almost-any- 
where  capability,  knocks  spots 
off  most  its  rivals.  I know  be- 
cause I have  driven  them  into 
places  where  no  sensible  rider 
would  take  a valuable  horse.  It 
seemed  impossible,  but  they 
ju«tf  kept  going. 

When  the  Land  Rover  first 
appeared  in  1948  and  for  about 


25  years  afterwards,  a lot  of 
people  who  bought  light  4x4 
vehicles  put  them  to  that  sort  off 
use.  Some  still  do,  but  the  great 
upsurge  in  four-wheel-drive  sales 
in  the  last  ten  years  or  so  has 
been  due  to  completely  different 
kind  of  customer  emerging. 

Renault,  which  now  controls 
Jeep  Corporation,  produces 
some  interesting  figures.  They 
showed  that  95  per  cent  of  Jecjis 
are  now  bought  for  use  as  high- 
way transport  compared  with  a 
mere  17  per  cent  in  1978.  Only 
seven  per  cent  of  owners  now 
take  their  Jeeps  off-roarl  fre- 
quently compared  with  J7  per 
cent  eight  years  ago.  though 
80  per  cent  still  want  an  off-road 
capability. 

That  is  in  Uic  US  but  from  my 
observation,  it  is  much  the 
same  here. 

One  secs  more  and  more  four- 
wheel  drives  every  year.  There 
are  still  a lot  of  Land  Rovers 
about,  but  they  are  mostly 
vcierans,  not  the  new  90  and 
110  models.  People  in  my  part 
of  the  world  who  used  Id  buy 
a Land  Rover  to  pull  a horse 
trailer — often  its  main  function 
— found  it  a bit  of  a hair  shirt 
when  used  as  a car  substitute. 
They  now  run  things  like  the 
Mitsubishi  Shogun.  Daihatsu 
Fourtrak  or  Subaru  4\VD  estate 
instead. 

Even  farmers  who  had  felt 
the  Land  Rover  was  the  only 
practical  working  vehicle  have 
found  that  a Subaru,  Toyota  or 
Nissan  4x4  pick-up  costs  less 
ond  carries  more  than  a stan- 
dard Land  Rover.  No.  it  will 
not  climb  mountain',  nor  wfll 
it  last  for  25  years.  But  it  will 


serve  them  for  50,000  miles  or 
so  at  which  they  are  prepared 
to  throw  it  away  and  buy  a new 
one.  A Land  Rover  would  then 
be  likely  to  require  major 
repairs  and  it  is  not  a cheap 
vehicle  to  maintain  when  it  is 
getting  on  in  years. 

In  the  burgeoning  recrea- 
tional 4x4  market,  the  foreigners 
have  practically  taken  over.  Of 
course,  the  Range  Rover  is  a 
marvellous  machine,  arguably 
the  best  in  its  class.  Bui  it  is 
expensive  and,  with  a big  3.5 
litre  V8  petrol  engine,  very 
thirsty.  Many  buyers  have  found 
that  a turbo-diesel  Shogun  long 
wheelbase  pulls  a horse  trailer 
nicely  on  and  off  the  road,  does 
more  like  25  mpg  than  15  mpg 
and  is  an  acceptable  alternative 
to.  say,  a Volvo  estate.  It  would 
not  compare  with  a Range  Rover 
or  Land  Rover  station  wagon 
on  really  rough  terrain,  but 
they  never  go  over  any. 

Another  threat  I perceive  to 
the  Land  Rover  and,  especially, 
the  Range  Rover,  is  ihe  growing 
number  of  estate  cars  with  four 
wheel  drive.  They  have  as  much 


off-road  traction  as  most  people 
need.  There  are  the  Audi  Avants 
with  quattro  transmission,  just 
joined  by  Ford's  Sierra  4x4 
estate  car.  For  less  money, 
simpler-on-demand  four-wheel 
drives  like  the  Subaru,  Toyota 
and  Alfa  Romeo  33  estates,  the 
Honda  Shuttle  and  Fiat  Panda 
are  available. 

No,  they  are  not  in  the  same 
league  as  a Land  Rover.  But 
they  do  fit  the  needs  of  people 
who  not  long  ago  would  have 
bought  a heavy,  rough  4x4 
because  nothing  else  was  avail- 
able. 

I would  be  sad  to  see  Land 
Rover  Pass  from  British  hands. 
But  I would  be  sadder  still  to 
see  it  remain  British  for  a few 
more  years,  only  to  collapse  in 
the  1990s.  That  would  be  poss- 
ible if  it  could  not  make  the 
profits  needed  to  fund  the 
research  and  development  that 
will  be  essential  for  it  to  keep 
up  with  its  competitors.  And 
lack  of  development  is  one  of 
the  reasons  why,  for  Land 
Rover,  things  are  not  what  they 
used  to  be. 

Stuart  Marshal] 


£200 Fbr  Your  Old 
Mower- At  LeaSt !' 


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CHborc.  WT. 

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postcode;;  doing  a good  deal  mor^j 


Tuck  into  the  Mazda 


THE  FIRST  time  owners  ot 
(he  new  Mazda  RX  7 go  away 
for  lbe  weekend,  they  will 
bless  the  importers  for  having 
the  courage  lo  bring  it  in  with 
a slim  spare  wbceL  It  tucks 
tidily  out  of  sight  by  the 
rear  panel,  leaving  space 
under  the  curving  glass  of 
the  tailgate  for  a large  snit- 
case  and  a couple  of  squashy 
tags.  Wilb  a fnll-sizcd,  ultra- 
low  profile  tyre  aod  alloy 
wheel  sitting  in  (he  middle— 
as  was  originally  intended — 
there  was  hardly  ihe  space  for 
a packet  of  crisps. 

The  new  RX  7.  which  went 
into  (he  showrooms  this  week 
at  £13.595,  is  good  for  just 
over  130  mpb.  It  has  a firmer 
feel  and  even  better  handling 
than  Hie  US  and  Japanese 
specification  models  I tried  at 
the  end  of  l&tt  year. 

Being  able  to  sel  the  com- 
pact Wankel  rolary  engine 
well  back  in  the  ear  gives  the 
RX  7 the  ideal  50:50  weight 
distribution  front  to  rear. 
Porsche,  whose  924S  (almost 
£15,000)  and  944  (from 
£19,500  upwards)  are  firmly  in 
Mazda's  sights,  puts  the 
engine  np  front  and  combines 
gearbox  with  rear  axle  to  get 
the  same  effect. 


The  engine,  which  develops 
143  bhp  at  6,500  rpm,  runs 
like  a turbine  and  demands 
only  two-star  fuel,  but  in  con- 
siderable quantities.  The 
official  figures  ot  16.5  mpg 
(urban),  33.6  mph  (steady 
56  mph)  and  25  mpg  at  a con- 
stant 75  mph  suggest  that  a 
driver  who  really  enjoys  his 
or  her  RX  7 will  do  well  to 
heller  22-23  mpg  in  average 
use. 

But  sports  cars  are  about 
performance,  not  fuel 
economy.  I rate  the  RX  7 
highly.  It  is  quiet  enough 
for  the  excellent  Clarion 
stereo  radio-tape  player  to  be 
beard  at  all  times  and  com- 
fortable to  ride  in.  Good 
balance,  aided  by  Bridge- 
stone's formidably  grtppy 
Patera  uni-directional  tyres, 
powerful  all-disc  brakes  and 
sharp  steering  response, 
allows  spirited  driving  to  be 
safe. 

The  RX  7 may  lack  a 
Porsche's  charisma  and  can- 
not match  a 944's  performance 
or  fuel  consumption  but  you 
may  need  a second  look  to 
tell  them  apart  It  feels  much 
the  same  from  behind  the 
wheel,  too. 


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BANQUE  DE  CREDIT  INTEJINATIONAL. 
GENEVE. 

EN  LIQUIDATION  CQNCORDATA1RC 
ContOmuHnetit  4 r Article  , 43  de 
rOrdennance  du  Tribunal  Federal  du 
11  Avrll  1935  concern* nt  la  procedure 
de  concordat  pour  les  B indue*  *t  lee 
Calsscs  d'Enarpne.  les  llou  Watt-art  out 
dresu  un  du  DatrUnsInc  an  31 
decembre  1985  tt  on  rapport  sur  leur 
acuviie  4 cede  rntnw  daw.  Hs  les  on! 
transmit  } la  Commission  dec  ertander* 
pour  ctro  communiques  4 I'aatortt*  de 
concordat. 

Les  cifindtn  pourront  ee  ervncrs 
connalssance  chee 

Delaine  Haskins  & Sells  SJL 
13.  route  de  Florissant.  1206  Gfflfcve 
tpriere  de  orenere  preaiablemene  rendei- 
«ous  par  telConone__47  08  0Z  Internes 
32  et  301. 

Geneve,  la  8 mars  I98fi 
Les  Llquldatears: 

DELOITTE  HASKINS  & SELLS  SJL 
CHARLES  WINT&CH 

The  following  is  a "free**  translation  of 
the  above  oNtelal  notice: 

INTERNATIONAL  CREDIT  SANK 
GENEVA 

IN  LIQUIDATION  UNDER  5CHEUE  OF 
ARRANGEMENT 

In  accordance  wild  Article  43  Or  ^ 
Ordinance  ef  the  Federal  Tribunal  or 
11th  April,  1935  rrsardlng  the  procedure 
tor  Schemas  of  Arrangement  for  Banks 
and  Savinp*  Banks,  the  Lkmidaton  haw 
drawn  up  a Statement  of  Assets  as  at 
51st  December.  1989  and  a Report  on 
tfiefr  actAKiei  uo  ro  unit  date.  They 
have  forwarded  these  to  the  Committee 
of  Creditors  for  transmission  to  the 
Authority  of  the  Scheme  of  Arnnocmenc 
Creators  may  Inspect  these  at  the  offices 

Delator  Haskins  A Sells  SA. 

13  Route  de  Florr leant 
1206  Geneva 

fPlease  make  an  appointment  by  telephono 
■"Geneva  470802  extension  30  or  32) 
Geneva.  8th  March.  1986 
The  LiiulCiSO.-t: 

DEI  O'TTE  HASKINS  6 SELLS  SA 
c vr  vv  ■•—ch 


XIV  WMKENITTT 


riiiaiiaai  iuuW  oatuiuav  inaiuu 


DIVERSIONS 


Byron  pilgrimage 


Poetry  in  a four-poster 


THERE  is  still  time  to  join  the 
Byron  Society's  annual  pilgrim- 
ai5o  to  Newstead  Abbey.  It 
takes  place  this  year  on  April 
19.  the  nearest  Saturday  to  the 
anniversary  o£  tile  poet's  death. 
Members  can.  leave  London  by 
special  coach  at  9 am  returning 
at  10  pm.  Others  go  by  car. 
Newstead  is  about  12  miles 
north  of  Nottingham,  on  the 
Mansfield  Road.  You  can  drive 
right  in. 

The  visit  includes  tours  of 
the  house  and  gardens  with 
plenty  of  experts  to  explain 
things.  But  there  is  no  need  to 
be  conducted  if  you  prefer  lo 
make  your  own  way.  After 
lunch  and  a suitable  gap  for 
strolling  round  the  lakes,  the 
society  lays  a wreath  on  the 
poet’s  tomb  at  Hucknall 
Torkard  parish  church,  a few 
miles  away.  It  is  a splendid  day 
out:  I shall  be  there. 

Newstead  Abbey  — more 
properly  Priory  — was  founded 
in  1170  and  remained  a quiet, 
prosperous  monastic  com- 
munity for  400  years.  The 
cloisters  and  crypts  still  shelter 
a famous  ghost  who  appears 
from  time  to  time  in  his  cowl 
and  beads.  At  the  Reformation, 
the  assets  were  privatised.  The 
building  and  750  acres  of  land 
were  sold  to  Sir  John  Byron 
of  Nottingham  for  £810.  The 
last  Prior  was  awarded  a pen- 
sion of  £26  with  his  deputy 
and  ten  other  senior  manage- 
ment receiving  similar  hand- 
shakes of  £6  downwards. 

The  new  owners  alternated 
between  improvement  and 
neglect  but  they  were  never 
rich  or  poor  enough  to  do  too 
much  damage.  Newstead  re- 


mained a ruinous  ecclesiastical 
building  crudely  converted 
into  an  English  country  house. 
The  result  is  a pleasing 
mixture, 

“ Huge  halls,  long  galleries. 

spacious  chambers  joined. 

By  no  quite  lawful  marriage  of 
the  arts. 

Might  shock  a connoisseur:  but 
wheu  combined. 

Formed  a whole  which, 
irregular  in  parts, 

Yet  left  a grand  impression  on 
the  mind. 

At  least  of  those  whose  eyes 
are  in  the»r  hearts.” 

At  the  time  the  sixth  lord 
inherited  in  1798  at  the  age  of 
10  the  whole  place  was  dilapi- 
dated and  heavily  mortgaged. 
Only  a few  rooms  were  inhabi- 
table and  they  were  several 
hundred  yards  apart.  His 
mother  whisked  him  off  to  more 
comfortable  lodgings  in  Not- 
tingham, but  as  soon  as  he  was 
21  Byron  moved  in  and  started 
to  put  the  place  in  order.  He 
beean  sensibly  enough  with  the 
bedroom,  always  a central  con- 
cern of  his  Hfe.  The  Great  Hall 
he  considered  suitable  only  for 
pistol  practice  and  the  Chapel 
for  housing  his  menagerie  of 
animals. 

Byron  lived  at  Newstead  off 
and  on  for  seven  and  a half 
years.  It  provided  perfect  pro- 
vender  for  a young  Romantic 
imagination.  He  was  already 
the  first  mega  star.  But  when  he 
went  into  exile — driven  out  as 
Macaulay  said  by  the  British 
public  in  one  of  its  ridiculous 
fits  of  morality— the  place  was 
sold  for  £94,000.  Lovingly 
looked  after  by  his  admiring 
successors,  one  of  whom  pre- 


sented it  to  the  city  of 
Nottingham,  Newstead  is  today 
more  complete  and  more 
attractive  than  ever  in  the 
past. 

Byron  became  famous  so 
young  that  nothing  was  ever 
thrown  away.  Of  all  the  great 
poets  his  life  is  the  most  fully 
documented  and  everything 
was  done  with  style.  Newstead 
contains  a marvellous  collec- 
tion of  pictures,  books,  manu- 
scripts, letters  and  other  vivid 
relics  of  his  life. 

You  can  see  the  gilded  four- 
poster  which  he  used  at 
Cambridge  complete  with 
coronets  and  exact  copies  ot 
the  original  drapes.  Alongside 
aTe  two  sets  of  steps  which  the 
lame  poet  needed  to  get  himself 
up  and  down.  For  students  of 
child  psychology  there  are  the 
iron  braces  which  he  was 
forced  to  wear  as  a boy,  twist- 
ing his  character  without 
straightening  his  feet  There  is 
the  absurd  helmet  which  he 
wore  in  Greece  and  a lock  of 
the  famous  auburn  hair 
touched  by  so  many  adoring 
fingers.  Even  if  you  do  not 
admire  you  are  bound  to  be 
amazed. 

If  you  would  like  to  join  the 
Byron  Society,  write  to  the 
hen.  director.  Mrs  Elma  Danger- 
field  at  6.  Gertrude  Street, 
London  SW10,  or  telephone 
01-352  5112  during  office 

hours.  If  you  cannot  go  on  the 
19th,  Newstead  is  open  from 
Cond  Friday  until  the  end  of 
September,  2 pra  to  6 pm, 
including  Sundays  and  Bank 
Holidays. 

William  St  Clair 


An  18th  century  perspective  of  Newstead  Abbey  and  its  Park,  in  Nottinghamshire 


BRIDGE 

TODAY’S  example  hands,  which 
occurred  a few  days  ago.  teach 
more  than  one  lesson.  But  the 
chief  lesson  is  that  It  is  not 
points  but  shape  and  fit  that 
bring  in  the  tricks.  Victor 
Berger,  chess  champion  and 
school  chum,  was  my  partner 
on  the  Hand  A,  where  we 
reached  a little  slam  with  just 
25  points  between  us. 

At  a love  score.  I dealt  in  the 
South  seat  and  bid  one  heart. 
West  overcalled  with  one  spade 
and  my  partner  bid  two  spades. 
I replied  with  two  no  trumps  to 
show  my  spade  guard  and  now 
North  said  three  hearts.  With 
three  first-round  controls  and  a 


singleton,  I made  a cue-bid  of 
four  clubs,  Victor  said  four 
diamonds  and  I said  five  hearts, 
which  was  raised  to  six. 

On  West’s  spade  King  East 
dropped  the  two,  which  was 
comforting  I won  in  hand  and 
led  the  heart  two  to  dummy’s 
King  — East  was  more  likely 
to  hold  all  three  trumps  than 
West  And  so  it  proved  when 
West  discarded  the  spade  seven. 
I returned  dummy's  heart  three, 
and  won  with  my  nine.  At  this 
stage  I can  draw  East’s  trump, 
ruff  two  spades  in  dummy,  and 
rely  on  the  club  finesse.  This 
works,  but  I decided  to  leave 
the  Queen  outstanding  and 
continue  on  crossruff  lines. 

I crossed  to  the  diamond  Ace, 
ruffed  a diamond  in  hand  and 
a spade  on  the  table.  Another 
diamond  ruff  was  followed  by 


Hand  A 

N 

<r  K 10  S 6 3 

* 3 

• A .1  8 4 

* K J S 

W E 

♦ KQJ97  * 10  5 2 
C1  — f?  Q 7 4 

O Q 10  6 2 v K 7 5 3 

+ Q932  * 10  6 4 

S 

* A 8 6 4 
1%l  A J 9 5 2 
O 9 

* A 7 5 


Hand  B 
N 

♦ 6 4 

<3  K 10  8 5 4 
^ A Q J 9 64 

* — 

W E 

* 10  32  ♦ A K J 8 5 

972  9A 

C K 10  7 3 0 2 
*7  6 5 4 * K J 10  9 8 2 
S 

* Q 9 7 

9 Q J 963 
0 8 5 

* A Q 3 


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In  most  African  game  reserves  now,  the  package  tourist  is  a 
common  species. 

But  mam-parts  ofBotsivana  and  Zimbabwe  remain  unspoilt 
by  man  and  visited  only  by  naturalists  and  botanists. 

Bushbuck  Safaris  operate  exclusively  in  Botswana  and 
Zimbabwe.W'e  take  no  more  titan  50  booking*  a year 
and  only  4 people  per  party 

Our  price  for  a lull  17  day  luxury  Safari  is£Z680. 

If \ourd  like  to  see  Africa  as  few  people  have  seen  it,  - 

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50  BWHST.HtJXCEKrORn.ElJ3 


another  spade  ruff.  I then  led 
dummy’s  last  diamond.  East 
played  the  King,  I ruffed  with 
my  Ace  of  hearts,  and  West 
followed  suit  I was  safe.  I 
returned  my  last  spade,  ruffing 
with  dummy’s  last  trump,  and 
East  was  helpless.  If  he  over- 
ruffed,  he  would  lead  into  the 
club  tenace;  if  he  discarded,  I 
would  cash  King  and  Ace  of 
clubs  and  concede  the  last  trick. 

Hand  B was  more  dramatic. 

At  game  to  North-South,  I sat 
North  and  opened  the  bidding 
with  one  diamond  (what!  only 
10  points)  and  East  bid  two 
clubs.  My  partner  said  two 
hearts,  and  after  a pass  from 
West  I raised  to  four  hearts. 
East  came  in  once  more  with 
four  spades,  which  South 
doubled,  but  I took  out  into  five 
hearts.  East  doubled,  and  my 
redouble  closed  the  exciting 
auction. 

East  now  led  the  King  of 
spades  out  of  turn  and  ray 
partner,  as  was  her  right 
forbade  the  spade  lead-  West 
led  a club  and  my  two  spades 
went  away  on  South's  Queen 
and  Ace  of  clubs.  After  a 
successful  finesse  in  diamonds, 
sbe  made  an  overtrick. 

Normally,  I feel  compassion 
for  a player  who  leads  out  of 
turn,  but  not  on  this  occasion. 
East's  double  was  a bad  bid. 
She  cannot  be  sure  of  beating 
the  11-trick  contract  — I could 
easily  be  void  of  spades.  She 
must  either  pass  and  hope  to 
defeat  the  contract  or  sacrifice. 

E.  P.  C Cotter 


BEWARE  of  the  horse.  For 
parents  of  newly  teenaged 
daughters  here  is  a warning  and 
a cautionary  tale:  the  quad- 
ruped with  an  aces-higb  stan- 
dard of  living  can  disrupt  the 
tranquility  of  your  home,  ruin 
your  peace  of  mind  and  can 
permanently  damage  your 
bank  balance. 

Equine  fever  may  afflict  your 
female  offspring  as  acne  did  her 
elder  brother;  you  can  only 
pray  that  your  earnings  will 
outlast  her  passion. 

Horses — ponies  to  the  cogno- 
scenti— came  in  all  shapes  and 
sizes.  The  beginner's  starter 
pack  wil  probably  be  an  11  or 
12  hand  bundle  of  teeth  and 
animosity  that  will  set  you  back 
about  £250  to  £600  depending 
on  age  (its),  experience  (hers) 
and  locality  (yours).  The  best 
known  methods  of  obtaining 
the  animal  are  either  through 
one  of  the  horse  and  pony 
magazines  or  at  a country  pony 
sale. 

The  small  ads  in  the  back  of 
pony  magazines  should,  from 
experience,  be  treated  in  much 
the  same  way  as  second-hand 
car  advertisements  or  estate 
agents’  blurb;  with  scepticism: 
“Easy  catch,  shoe,  box,”  and 
“ suit  Inexperienced  rider  ” may 
be  accurate  and  truthful  as 
far  as  the  outgoing  owner  is 
concerned-  The  outgoing  owner 
has  doubtless  forgotten  hours 
of  fruitless  pursuit  round  the 
field  with  headcollar  and  sugar 
bribes,  the  kicked  shins,  the 
broken  collar  bones  when  the 
horse  went  one  way  and  the 
rider  another.  “SadJy  outgrown” 
may  mean  that  the  poor  beast 
has  been  carrying  14-stone 
Samantha  on  its  back  for  years 
until  its  spine  is  permanently 
strained,  her  heels  dragging  on 
the  ground. 

The  best  way  to  buy  Is  to 
test  drive  first,  with  the  pro- 
spective rider  in  the  saddle  and 
a minimum  of  anxious  help 
from  the  vendors.  The  old- 
fashioned  concept  of  cash-on- 
delivery  is  not  a bad  one  here. 
The  vendors  are  likely  to  have, 
or  to  have  access  to,  a horse 
box:  it  will  save  you  a few 

A SPLENDID  rider,  a judge  of 
pace,  a resolute  finisher.  These 
were  just  a few  of  the  acco- 
lades accompanying  the  cartoon 
of  jockey  Tom  Cannon  (1846- 
1917),  grandfather  of  Lester 
Piggott  which  featured  in  the 
issue  of  Vanity  Fair  for  Septem- 
ber 12  1885. 

In  its  45-year  lifespan  the 
weekly  society  magazine, 
founded  in  1868.  published  over 
2,300  cartoons  of  interesting 
and  important  people. 

Politicians  — Disraeli  and 
Gladstone,  both  drawn  by  Carlo 
Pelligrini — were  the  first  to  be 
caricatured.  They  were  followed 
by  Empire  builders,  business- 
men, the  Bench  and  the  Bar, 
the  services,  royalty,  and  sports- 
men. 

Racing  enthusiasts  will  wel- 
come The  Jockeys  of  Vanity 
Fair  by  Russell  March  (£14.95), 
published  this  week  to  coincide 
with  the  start  of  the  flat-racing 
season.  It  complements  the 
author's  previous  work.  The 
Cricketers  of  Vanity  Fair;  now 
difficult  to  find. 

The  handsome  new  book 
shows  33  jockeys  in  their  colour- 
ful silks.  Most  are  booted  and 
spurred,  some  with  whip  and 
saddle.  Only  the  leading 
gentleman  rider  of  his  genera- 
tion, steeplechaser  Captain 
Edward  Rodney  Owen  (1856- 
1896),  is  in  civilian  city  garb 


A stable  relationship:  Holly  and  Fiji 

Horsetrading  blues 


pennies  in  trailer  hire.  Some 
vendors  will  permit  a fortnight’s 
trial. 

An  alternative  source  of 
supply  is  pony  sales.  First,  leave 
your  susceptible  daughter  at 
home;  second,  take  along  a 
knowledgeable  friend.  Tales  of 
broken  down  nags  and  Irish 
horse  thieves  are  mostly  true. 
There  are  little  gems  of  horse- 
flesh hiding  under  tattered 
manes  and  unkempt  coats,  but 
not  many.  The  most  prolific 
buyers  at  these  auctions  are, 
sadly,  pet  food  manufacturers. 
(A  soft-hearted  and  very  titled 
lady  of  my  acquaintance  has  a 
hill  farm  knee-deep  in  pony 
sale  outcasts,  mostly  unbroken. 


unmanageable  and  all  eating 
their  heads  off.) 

Once  bought,  where  to  keep 
it?  Families  lacking  horse-sense 
or  a detached  stable  block  and 
paddock  might  consider  keep- 
ing their  pony  at  livery.  Pricey; 
but  with  the  advantages  that 
the  animal  is  being  stabled  and 
looked  after— by  someone  else 
—exercised  in  the  early  morn- 
ing— by  someone  else — and, 
usually,  available  for  your 
daughter  to  ride  at  any  time. 
Riding  stables  in  the  borne 
counties  will  charge  £36  a week 
for  full  livery.  Sometimes  it 
may  be  less  for  this  service  in 
return  for  being  able  to  teach 
other  riders  on  your  animaL 


If  your  girl  wants  to  do  it  all 
herself,  “grass  keep"  for  a pony 
can  cost  between  £6  and  £30  a 
week.  Then  there  are  pony 
nuts,  hay,  sugar-beet  pulp,  bran 
masb  and  chaff.  In  winter  you 
will  be  schlepping  out  at  dawn 
with  a bale  of  hay  in  the  back 
of  the  Porsche. 

As  with  the  motor  car  the 
pony  owner  would  be  well 
advised  to  consider  insurance. 
Like  cars,  again,  policies  come 
in  degrees  of  cover,  from  basic 
death  or  slaughter,  public 
liability  and  theft,  right  up  to 
fully  comprehensive  Plus  Cover, 
which  includes  vets’  bills  for 
injury  or  illness,  personal  acci- 
dent to  the  rider  (including 


dentistry  if  her  teeth  are 
knocked  out  as  she  goes  over 
the  jumps)  and  the  loss,  damage 
or  theft  of  saddlery  and  tack 
up  to  a value  of  £750. 

The  premium  on  a starter- 
pack  pony  worth  about  £500  will 
he  about  £44.00,  a £700  animal 
about  £56.000  for  the  Plus  • 
Cover.  (Unlike  cars,  there  is  no  t 
“no  claims”  bonus).  , , r. 

No  selT-respecting  pony  would  - 
be  seen  with  a Jcantiry-ciad  - 
nymph  clutching  its  mane,./ 
riding  bareback  down  the  wind.  •- 
Accoutrements  for  both  mount* 
and  rider  can  keep  the  local  • 
saddlery  shop  solvent  for  - 

months.  . 

Saddle  (English  rather  than'- 
foreign  make  preferred)  will  ■ 
cost  up  to  £400  new,  £120 
secondhand,  if  you  re  lucky.; : 
The  bridle,  stirrup  leathers,- 
stirrup  irons,  reins,  martingale  j 
girth,  numnah,  lead  rope,  head 
collar.  New  Zealand  rug,  stable  * 
rug  leg  and  tail  bandages,  leg-  . 
warmers  (set  of  four),  groom-; 
ine  kit  — you  can  spend  a-  ’ 
couple  of  hundred  quid  in  an  - 
afternoon  an  a wardrobe  for  the 
horse.  . 

The  direr  requires  jodhpurs.  ; 
hacking  jacket,  shirt,  tic.  crop, 
riding  boots  (fully-lined  French* „•? 
made  leather)  and  riding  hat., 
for  everyday  wear.  For  gym?  ,> 
khanas  a whole  new  set  is  de 
rigeur  for  both  mount  ana.,, 

rider.  . . _ 

Vets’  fees,  not  wishing  to  have  - 
the  Royal  College  breathing - 
down  my  neck.  I will  leave  ■■ 
alone. 

I am  going  through  the  agony  . : 
at  the  moment  Barclaycard. . 
grins,  and  I bear  it.  But  on  the^ 
pop  music  horizon  are  three-*- 
sexy  young  men  from  Nor- 
way with  the  unlikely  names 
of  Morten  Harket,  Pal  Waak- 
taar  and  Mague  Furuholmen 
They  make  up  the  pop  group. 
A-Ha,  and  are  quickly  replacing  ; 
ponies  in  my  daughter’s  affec-  ‘ 
rions.  She  will  forget  her  ; 
obsession  and  then  horses,  in . 
my  daughter's  eyes,  will  just  be 
things  you  put  money  on  at, 
Ascot . - - 

Sara  Evans 


Collecting 

Jockeyed 

into 

position 

—bowler  hat  and  lounge  suit, 
plus  umbrella.  (“Roddy"  won 
the  Grand  National  on  Father 
O’Flynn  in  1892.) 

The  first  jockey  print,  dated 
May  28  1881  was  by  “Spy," 
pseudonym  of  Sir  Leslie  Ward. 
It  showed  Fred  Archer  (1857- 
1886);  out  of  8.084  mounts  he 
rode  2,748  winners,  including 
21  classics.  Reputed  as  tight- 
fisted.  he  was  nicknamed  The 
Tinman.  (Tin  was  cockney 
slang  for  money). 

The  American  Tod  Sloan 
(1874-1933),  was  caricatured  in 
bis  famous  monkey  crouch, 
bent  over  the  head  of  his  mount. 
Riding  in  front  from  pillar  to 
post  forcing  the  pace  instead 
of  waiting  to  win.  the  phrase 
“to  do  a Tod  Sloan”  meant 
going  out  on  your  own. 


Original  watercolours  of  the 
cartoons  are  like  gold.  The 
proof  prints — copies  pulled  by 
hand  from  the  newly  made 
plates,  with  no  lettering— are 
scarce,  but  at  the  moment  tbey 
seem  to  command  very  little 
more  than  run-of-the-mill 
prints. 

The  rare  jockeys  are  Fred 
Archer.  Tod  Sloan,  and  a 
colourful  character,  Count  Della 
Catena.  Believed  to  be  an 
amateur  of  considerable  skill, 
be  was  also  Baron  Strickland  of 
Sizergh  Castle.  Kendal,  and  a 
Noble  of  Malta. 

Some  prints  can  be  bought  for 
around  £25  or  so,  others  make 
£100  and  more.  Anyone  starting 
from  scratch,  says  Russell 
March,  should  be  able  to  get  a 
complete  set  of  the  jockey 
prints  for  something  over  £1,000 
if  time  and  effort  can  be  spent 
on  a search. 

Clive  Burden,  13  Cecil  Court, 
London,  WC2,  keeps  a rapidly 
moving  stock  of  a variety  of 
Vanity  Fair  works.  March  Pub- 
lications. 25-27  Mount  Ephraim, 
Tunbridge  Wells,  Kent,  is  issu- 
ing some  of  the  jockey  prints 
from  the  book  at  £17.50  for  a 
set  of  four.  A complete  set  of 
proofs,  of  which  there  are  only 
2U  sets,  is  £97.50. 
age.  That  works  out  at  less  than 
£3  a copy. 

June  Field 


High  Street  wine 

Spring  spritzers 
and  rich  reds 


Tod  Sloan  in  The 


Jockeys  of  Vanity  Fair 


PANCAKES  were  traditionally 
cooked  on  Shrove  Tuesday  as 
a delicious  and  practical  means 
of  using  up  all  the  eggs,  butter 
and  cream  in  the  house  before 
Lent  began.  After  40  days  of 
Lenten  fasting  and  abstinence, 
eggs  were  back  on  the  menu 
once  again.  Indeed,  Easter  is 
synonymous  with  eggs  in  rich 
variety  — chocolate,  hard-boiled 
and  dyed,  not  to  mention 
FabergA 

In  recent  years  we  have  be- 
come aware  of  the  richness  of 
eggs  in  another  sense.  I mean 
their  richness  in  cholesterol, 
which  is  so  high  that  nutri- 
tionists now  recommend  we 
ration  ourselves  to  a maximum 
four  eggs  per  person  each  week 
— and  this  figure  includes  the 
“bidden”  eggs  we  eat,  almost 
without  realising  it,  in  quiches, 
custards,  cakes,  mayonnaise, 
Hollandaise  sauce  and  soon. 

Given  the  current  health 
warning  labels,  I dare  say  there 
are  some  people  who  gave  up 
eggs  this  Lent  — for  reasons 
of  health  rather  than  as  a tradi- 
tional penance.  Be  that  as  it 
may,  they  will  have  more  reason 
than  most  to  look  forward  to 
breaking  their  fast  with  an 
indulgent  little  feast  of  good 
eggs  on  Easter  Sunday. 

stuffed  eggs  in  THEIR 
SHELLS 
(serves  6) 

These  delirious  and  pretty 
little  eggy  snacks  are  good 
served  with  pre-lunch  drinks  or 
as  a first  course  for  dinner, 
ck  eggs  could  be  used  Instead 


Cookery 


Hatch  it  job 


of  ben's  eggs  but,  being  larger 
would  need  proportionately 
more  butter  and  herbs. 

6 eggs;  2}  oz  butter;  fresh 
chopped  dill  or  chives: 
parsley;  salt  and  black 
pepper:  2 oz  fresh  white 
breadcrumbs;  soared  cream 
or  Greek  strained  yogfanrt. 
Hard-boil  the  eggs.  Do  not 
shell  them.  Cut  them  in  half 
lengthways  using  a very  sharp 
knife  and  a karate-type  chop. 
Do  not  worry  if  little  bits  of 
shell  chip,  leaving  the  edges  of 
each  half  shell  slightly  uneven. 

Carefully  scoop  out  the  egg 
yolks  and  whites  and  chop  them 
very  finely.  Season  them  with 
salt  and  pepper  and  a generous 
fleck  of  green  herbs.  I suggest 
6-7  tablespoons  in  all  and  think 
it  best  to  major  on  either  chives 
or  dilL  Bind  the  mixture  with 
1}  oz  melted  butter  and  check 
and  adjust  seasoning  to  taste — 
it  should  be  well  flavoured  — 
then  pile  the  filling  into  the 
half  shells,  pressing  it  down 
gently. 

Shortly  before  serving, 
lightly  grease  a gratin  dish  just 
large  enough  to  take  the  stuffed 
eggs  in  a single  layer.  Heat  it 
under  a moderate  grill.  Melt 
the  remaining  1 oz  butter  and. 
away  from  the  heat,  stir  the 


breadcrumbs  into  it.  Put  the 
stuffed  eggs  into  the  dish  and 
scatter  the  buttery  crumbs 
evenly  on  top.  Cook  under  a 
moderately  hot  grill,  at  some 
distance  from  the  flame,  for  6-8 
minutes  until  the  eggs  are  hot 
and  the  crumbs  are  toasty  and 
crisp.  Serve  Immediately  with 
dollops  of  well-chilled  yoghurt 
or  soured  cream  for  delicious 
contrast. 

LITTLE  CHOCOLATE 
CREAMS 
(serves  8) 

This  very  quick  and  easy 
recipe  makes  an  extremely  rich 
little  pudding  — an  attractive 
alternative  to  chocolate  Easter 
eggs.  The  inclusion  of  yoghurt 
gives  an  agreeable  bitter 
chocolate  taste.  If  you  prefer 
a more  traditional  chocolate 


mousse  flavour,  use  cream 
instead  of  yoghurt  Cream  can 
be  scalded  with  the  milk. 

9 oz  best  plain  dark  dessert 
chocolate;  1 pt  milk;  j pt 
Greek  strained  yoghurt;  1 
large  egg. 

Break  the  chocolate  into  small 
pieces  and  put  it  into  a pudding 
basin.  Place  the  basin  over  a 
pan  of  barely  simmering  water 
and  let  the  chocolate  melt,  just 
stirring  occasionally.  Do  not 
let  the  chocolate  become  too 
hot  or  it  will  go  soLid.  Break 
the  egg  into  a cup  and  beat  it 
lightly  with  a fork.  Put  the 
milk  into  a small  saucepan  and 
scald  it 

As  soon  as  the  milk  is 
scalded  pour  it  on  to  the  yog- 
hurt— pour  it  in  a steady  stream 
and  beat  the  yoghurt  with  a 
fork  all  the  time  as  you  pour 
to  ensure  a smooth  creamy 
blend. 

As  soon  as  the  chocolate  is 
melted,  remove  it  from  the 
source  of  heat.  Beat  it  with 
a fork  to  check  that  it  is  quite 
smooth,  then  beat  in  first  the 
egg  then  the  milk  and  yoghurt 
mixture.  Work  fast  but  blend 
the  ingredients  carefully,  as  you 
did  when  mixing  the  milk  and 
yoghurt 

Divide  the  creamy  chocolate 
mixture  between  eight  petits 
pots  de  chocolat  and  set  aside 
in  a cold  place  for  a couple  of 
hours  to  set.  Little  biscuits 
such  as  Pirouline  or  tuiles 
d’atnandes  are  good  to  nibtte 
with  these  chocolate  creams. 

Philippa  Davenport 


IN  TERMS  of  supermarket 
wines  the  chief  rival  to  Salis- 
bury is  Waitrose.  Although  its 
range  of  250  wines  is  much 
smaller— and  it  could  be  said 
that  Sainsbury’s  is  confusingly 
large  for  many  of  its  customers 
—and  its  78  licensed  shops 
many  fewer,  the  selection  is  no 
less  carefully  chosen,  although 
the  list  of  vintage  wines  is  not 
so  extensive. 

But  it  is  for  everday  wines 
that  most  of  us  go  to  super- 
markets, and  recently  Waitrose 
kindly  arranged  for  me  a tasting 
of  50.  most  of  which  were  of 
this  kind. 

Following  are  the  wines  I 
picked  out  out  of  the  37  tasted. 
(I  skipped  four  of  the  sparkling 
wines,  including  the  champagne, 
as  I believe  there  is  a limit  to 
what  can  effectively  be  tasted.) 
The  prices  are  pre-Budget,  but 
doubtless  will  be  held  for  a 
while. 

White 

Waitrose  Carafe  White  — 
Sardegna  fl  litre  £2.35).  There 
can  be  no  camplaint  about  the 
price  of  this  wine  from  a 
Sardinian  co-op.  With  some 
bouquet,  fresh  flavour  and  some 
depth,  this  is  very  good  value, 
and  available  in  tv/o-litre  size 
a t £4.45.  ( Superior  to  the 

equivalent  red  wine  from  the 
same  source  which  I found 
tannic  and  drying  up.) 

Regaleali  1984,  Conte  Tasca 
d’AImerifa  (£3.25).  This  estate 
generally  produces  the  best 
Sicilian.  It  bas  some  evident 
acidity  but  is  crisp  and  fresh. 

Sudtlroler  Gewurztraminer, 
D.O.C.,  Waleh,  1984  (£3.15). 
The  locals  claim  that  the 
Trammer  originated  in  the 
Sudtirol,  and  this  is  a very 
typical  example,  with  strong 
but  not  aggressive  nose,  some 
colour  and  slight  sweetish 
flavour.  Good  value. 

Vins  de  Pays  des  Cotes  de 
Gascogne  1984  (£1.90).  Re- 

cently the  hard-pressed  pro- 
ducers of  Armagnac  have 
diverted  part  of  their  output 
to  making  excellent  “ country 
wines.”  This  inexpensive  one 
has  a fair  aroma,  and  crisp 
green  flavour  for  immediate 
drinking.  Excellent  value. 

St  Veran,  Les  Monts  1984 
(£4.55).  Although  generally 
the  ’84  whites  were  superior  to 
the  reds,  and  are  at  least  crisp, 
they  tend  to  be  green  and  lack 
roundness.  Yet  supermarkets 
with  their  many  outlets  cannot 
afford  to  miss  moderate  vintages 
as  traditional  wine  merchants 
often  may,  and  this  seemed  the 
best  of  Waitrose’s  half-a-dozen 
shown-:  better  than  the  green, 
short  Mnscadet  (£2.59)  and  the 
hard,  dry-finish  Pouilly-Fnmc 
(£3.95),  for  the  St  V4ran  has 
a nice  aroma  and  more  fruit 
than  the  others. 

Houghton  Supreme  1985 
(£3.65).  This  slightly  spritzig 
Chenin  Blanc  with  a little 
colour,  fruity  aroma  and  full 
flavour,  showed  what  good- 
quality  wines  can  now  be  found 
from  West  Australia. 

Waitrose  Gewurztraminer, 
A.C.  1983  (£2.85),  Surpris- 
ingly cheaper  than  the  Sudtirol 
wine,  this  has  more  powerful 
bouquet  and  flavour,  typical  of 
the  Alsace  style.  Good  value. 
Vouvray  A.C,  Ch.  Moneontour 
1984  (£3.25).  This  really  is 
demi-sec  as  stated  on  the  label, 
and  not  over-sweet.  A lovely 
fruity  nose  and  a generous 
flavour. 


Dnrkheimer  Feuerberg 
Gewtirztraminer  Spatlese,  Pfalz 
1983  (£4.85).  A fine  aroma,  and 
rich  concentrated  flavour,  this, 
is  a more  abundantly  flavoured- 
example  of  the  grape  than1 
those  above,  and  deliciously 
complete. 

Gb  Bastor-Lamontagne,  San- , 
terras,  AC  1981  (£5.35).  One 
of  the  best  cm  bourgeois  ■>;- 
sauternes,  this  has  a delicious^ 
nose,  with  real  “noble  rot" 
flavour,  and  good  acidity  to  pre- . 
vent  it  from  being  flabby. 

Red 

Venegazzu,  Conte  Loradan, . 
1981  (£3.95).  This  wine  from 
the  Veneto  is  one  of  those  in- 
cluding some  cabernet- 
sauvignon  at  the  expense  of 
being  denied  DOC  status.  It' 
has  good  colour,  a stylish 
aroma  and  more  than  a hint  of 
claret  in  the  flavour.  At  best 
and  for  drinking  now, 

Chjanti  Classtco  Riserva,  Cas-' 
tell’  in  Vila,  DOC  1978  <£3J5). 
Age  has  contributed  a fine,  dis-  ■ 
tinguished  bouquet,  and  a 
distinctive,  concentrated  flavour., 
to  a well-balanced  wine.  Very;  -'" 
good  value. 

Brnnello  dJ  Montalcino,  Cas- 
te Igiocondo,  DOC,  1979  (£6.45). 
Among  an  often  over-rated 
Italian  wine,  this  one  has  a 

1 m ? ,nch  nose-  and  Plenty  of 
well-balanced  flavoured.  Inex- 
pensive for -the  general  rating. 

/fm5eirA  Fonseea,  1978 
(£3^5).  One  seldom  goes  to 
Portuguese  table  wines  for 
subtlety,  but  this  has  a rich 
nose,  and  a powerful  flavour 

fit!  for  who 

like  a mouthful  of  wine 

1980  (£3.3d).  This  strong  (14.3 
degrees)  red  has  an  oaky  nose.  ^ 
slightly  brown  tinge  Zd  IS  - 
body  with  a firm  end:  An  easy- 
to-dnnk  California  red  at  a 
moderate  price.  • ; 

Cabernet  - Shiraz,  5 

<«75).  AnS 
big.  rich,  oaky-nosed  wine 

c?-0ng  flavour  owes  much 
kwL?ur?z,  successfully 

Australia.”11*1  ^ “ 

Cbaie^eur-a^, 

!av®"r*  a fruity  bouqutf. 
coa?-eC  Phsftter  baIancetf,  ‘ less 
““ ready 

I™  ti'j  u m ^ top  Volnay  . 

DinottnniFhas  3 deli clous,  true, 
praot  noir  aroma  and  a heaiitl- 

of  “ % a ««  example 

a-ot  tar: 

SLM  ,ts  qBaav  * < 

Edmund; 

Peimmg-Row5e& 


i-.  •*>. 

V..v 


Aji, 


WEEKEND  FT  KY! 


■ - 

ESniuidiiF limes  Saturday  March  22  1936 

• v ...  l..:»  — — 


D 1 V E 


- O . N S 


- w**#  ^ 


* sy. 

IS”  ' 


Hong  Kong: 


suey 


Lucia 
van  der 
Rost 


JT- IS  i$- YEARS  , store  British 
J^th  JW  /iitways  «fi*n  «H«I  Imperial 
r *5**AiWW,d  ftm 'few- tela -HMs 
irebaCLnS  KOTg.  The.  journey  lo^fc  ID  daiys 
J*W*  and  in  hfe  arrival  speech 

r pan  i V Caatttel#dif  Wl»®  JarfwjHatocd 

stumS > the  lap  from  PwuUtf.  daringly 
*C<  predicted  that  <m*  day  hLs 
(Enp,. . ** ;-  children  wmild  Mf  there  In 

tfSa. 

nil 
die 


2>>*  Kr  ' under  a week.  Today  It  take* 

ID  hours,  Flights  leave  every 
I?? . day  and  a *«**  package  seem* 
■O !.  to  he  SpcrdblrcTs  olTer  of 


you' 


ron;  'kiTito,  L.  flight  and  seven  dws  at  a hotel. 

®na'h/?B*  *t  ?be  A?™  farc 

ew  3 


lirrac  Kong  Tourist  Association. 
125.  Pall  Mall.  London  SWJ 


,,  , • »^n  . -a  (omeadavs  <mlv  14  days’  notice 
an^lanjjj  i h needed)  is  £542  return.  Th«* 

,r~  you  S t;  Tprill  fend  any  reader  a leaflet 
, ,nundrM  , V-JMIrk  •»  air  fares 

aUaVshi^  '-  and  nlher  information  on  none 

w "’Y  K.D5. 

j3cfc«rWlr^  ir*  Kt>°Z  has  dway*  been 

wit Vi-  dfei  3-  one  of  the  great  places  of  the 
atho-  ’^itaTr ' ^orld  to  shop.  -It  is  a duty-free 
P|  anjSj^  port,  which  helps.  It  has  the 
3 C*  *ftr  Easetra  approach  to  service  so 
fnr  nt*  ••  ihal-if  a customer  wants 
r “°4  someth  lug,  somebody  will  supply 

if.  U is  a fiercely  competitive, 
^noiyjri.  ' high-risk  society  where  people 
'■*  CrthJr?^  ii-ht  for  their  share  of  the  good 
T nect  i life.  Through  Hong  Kong 
1 passes  most  ®f  the  werdly 
delights  that  .the  East  has  to 
ft*T*r-  Antique  chests?  Guf-nrlce 
id  1 bJJ1.  &%,  rnMes?  The  latest  gadget? 

Me  horb^®®5  MwliHo-tneasure  silk  shirts?  In 
inn--  “■"°n  a»  ..'long  Kong  yon  cun  find  almost 


h rtnT1!  frt»T  Sferthm.cron  ever  wanted — and 
tn  u.Jr'H--  K let  you  never  knew  you 

aXe  up  lit  ^ Von.  can  also  get  mightily 

ld  ^widaT 


® ? -*§p 

ik-k  t--+ v 1 •■ra- 


vine 


m m-f  dan*?-  atont  you.  Go  to  the  Hong 
She  yh <i  Kong  Trade  Association  for 

n and  ihen  there  are  several 

Sn«r-5  fvK  ^ hrjinchos.  the  main  one  is  on  the 
you  pm' T*®*.  33th  Floor,  Omnauchr  Centre, 

“•“I  e Central  (Just  opposite  the 

Mandarin  Hotel).  HKTA  has 
. a hotline  (723.3535  for  shopping 
Information},  and  approved 
, members  dfsnlav  its  sign  of  the 
red  junk  In  their  windows,  and 
it  will  do  its  best  to  prevent 
tourists  being  cheated. 

•w  There  are  roughly  11  HK 
dollars  to  the  pound  sterling  — 
locals  tend  to  divide  by  ten  to 
give  an  approximate  idea  of 
what  things  cost.  Watch  that 
you  are  not  overcharged  for 
changing  money  so  stick  to 
banks. 

Take  a flat  pair  of  shoes,  and 
have  fun. 

’ rtfTiT£Rkfef,  frt  MARKET 

THIS  IS  where  the  real  fun  is 
to  be  had.  You  could  spend 
your  whole  lime  in  smart,  air- 
conditioned  shopping  arcades 
hut  you  would  be  missing  much 
of  the  point  of  Hong  Kong.  The 
markets  are  more  than  just  an 
^expensive  -way  of  acquiring 
heeessary:  goods— they  are  a 
mass  entertainment.  So  clutch 
your  handbags  and  wallets 
tightly,  keep  your  sense  of 
humour  and  set  off/ 

At  night,  go  to  the  Poor  Man's 
Nightclub,  down  beside  the 
Macau  Feny  terminal  in 
;lw:w  Fcirrhi  GentraL  Look  out  for  jeans. 

SSn^pyjaSS-nine^f^uch  household  linens  - wonderful 
quality  , but  ail  realty  cheap.  sheets-  0lther  completely  plain 


RESTING:  a rickshaw 
driver  (left)  takes  time  * 
out  for  a Coke 
RUSHING:  the  frenetic 
bustle  of  the  Hong  Kong 
street  scene  (below  left) 

or  business  acquaintance  can 
recommend. 

Hong  Kong  tailors  are  infin- 
itely better  at  producing  exact 
copies  than  bridging  the  com- 
munication and  :asie  gap  that 
between  £a>i  and  fteg. 
From  all  tins  it  follows  that 
expecting  a good  suit  made  in 
24  hours  is  daft.  Don’t  expect 
any  thing  of  much  dv*  for 
under  HKS2.500.  but  at  ibis 
price  a good  made-to-measure 
suit  is  still  good  value. 

If  you  cannot  persuade  any- 
body to  part  with  the  name  of 
thefr  own  tailor,  then  you  will 
not  so  far  wrong  by  going  to  a 
FOK  A i ante  of  " real " Cliina  lador  in  a good  hotel.  _ It  will 
go  io  at  1',-jsi  one  of  the  many  not  be  cheap,  but  it  will  prob- 
Giiin-s*’  department  stores  ably  be  excellent  value.  A-Man 


?.EI»  S.’.UiS 


winch  .-.pccj.i i in  line  pro- 
ducts lrom  tnairland  China. 
The  ino.->i  down-to-earth  and. 
therefore,  tit  some  ways  the 
most  fun  is  Chinese  Products 
at  »».  Qu*‘cus  Itnaii,  a member 


Hing  Cticong  in  the  Mandarin 
hotel  was  recommended  to  me 
•■•.•vera!  times  (particularly  the 
branch  at  the  hack  of  the  hotel, 
backing  on  to  Chater  Road). 
Tim  best  Klarc  for  men's 


of  our  party  picked  up  theatre  shirts.  I am  told  by  a very  well- 
binocular^  fur  £1;  thi-re  are  dressed  local  resident,  is  Met* 
basic  worker’s  clothes,  some  Yw  in  Stanley  Street,  where 
marvellous  bargains  in  table-  they  cost  ahout  £25  a time, 
wart*  and,  of  course,  pillowcases  If  you  are  feeling  adventurous 
at  under  £2  a pair,  handtowels  and  don't  mind  somewhat  seedy 
at  about  £1  each,  aad  so  on.  surroundings,  make  a trip  to  Mr 
Biggest  and  lushest  is  the  one  Cheng  on  the  2nd  floor.  26  Han- 
by  ilia  Star  Furry  terminus  on  how  Road,  (parallel  to  Nathan 
Kowloon  side  — so  there  for  Road.  Kowloon).  *•— — • 


Satisfied 

customers  tell  me  he  copies 
beautifully.  If  you  buy  your 
own  fabric  it  costs  about  £9  a 
shit  t. 

It  is  important.  I am  told,  for 
women  to  go  to  a ladles’  tailor. 

Sit;  Jaci  Co.  at  64  Leighton 

worked  household  linen,  and  Road  in  Happy  Valley,  will  do 
for  some  genuine  antique  jewel-  skirts,  dresses,  good  jackets. 
jorv  You  can  take  your  own  labnc. 

• ’ Another  good  women’s  tailor 

is  Zeepha  in  Princes  Building, 
right  opposite  the  back  of  the 


silke  iTi^pe  do  chine  by  the 
yard  (about  £7).  for  printed 
silks,  for  trinkets  by  the  box- 
full.  for  silk  blouses  (a  bit  too 
* ethnic  ’*  for  my  taste,  but  good 
value  at  ahout  £30 >,  for  an 
amazing  selection  of  beautifully 


DYNASTY  REVISITED 


Ro> Ter  Taylor 


The  shops  and  stalls  have  gone 
more  up-market  since  I was  last 


to  be  found  in  the  Jordan  area 
on  Kowloon  side,  in  Kansu 


there.  It  is  still  the  place  for  Street  and  Reclamation  Street.  THE  BEST  advice  I have  to 


‘ Pick  up  Sony  Walkmans  for  or  hand-embroideded  for  £22  a 

,-r  next  t0  no thine  jokey  digital  P.air-  You  can  even  buy  Pare 

”4l  watches,  cheap  and  vulgar  toys  ^ 

?*■  , Pota  Luren  Htawi 

rjjjinr-LaMBi^’  . _ ber  many  of  the  big  names 

u !!#  ' . Gn  Kowloon  side,  go  to  h3ve  factories  in  Hong  Kong  so 

. ir  -tTemple  Street  market.  This  is  these  could  be  genuine)  at 

to  2 *s-  much  bigger  and  even  livelier,  about  £4  each.  Much  of 

; . .r  « ; -ml*1  Here  young  men  sit  shame-  Europe’s  ski-wear  is  also  made 

lessly  offering  to  make  up  in  Hong  Kong  so  stock  up  if 

' ‘o-  ’fcfifu  watches  to  look  tike  any  of  the  you  are  heading  for  the  snow. 

• 1 - ' fomniic  nomac  in  tha  i>nlftlirnri  V 


It  is  open  everj-  day,  including 
Sundays,  from  10  am  to  4 pm. 


Personally  I would  never  risk  leave  as  possible.  Take  with 
buying  here,  but  if  you  know  you  an  up-to-date  copy  of  prices 


what  you  are  doing  and  are  pre- 
pared to  haggle  really  hard 
you  can  give  it  a whirl,* 

SLIPPERY  CUSTOMERS 

The  smart  shops  in  the 
Central  district  are  full  of  the 
kind  of  chic  footwear  that  you 
can  buy  in  any  smart  shoeshop 
in  the  world.  If  a bargain  is 


SINCE  1 was  last  in  Hong  Kong  Mandarin  Hotel  in  Chater  Road, 
the  scope  and  quality  of  the  They  arc  not  cheap,  but  they  do 
antiques  has  greatly  improved,  good,  sophisticated,  skilled 
Much  of  it  has  to  do  with  the  work.  A well-dressed  local  con- 
o poniQg  up  of  China:  today  goes  to  Priscilla  Chen,  4th 
.some  really  beautiful,  fine  ^ODir-  Hankow  Centre.  Hankow 
furniture  is  coming  through.  (behind  the  Peninsular). 

which,  compared  with  prices  nv  trf  ROfR<; 

of  line  English  furniture  over  ON  TOE  BOCKS 

here,  makes  it  seem  a snitch.  HONG  KONG  seems  to  be  lined 
All  the  biggish  Hong  Kong  with  jewellery  shops.  Where  do 
shops  and  certainly  all  the  good  >'ou  start? 
hotels  are  well  used  to  shipping  . The  first  thing  to  remember 
goods  all  over  the  world.  The  the  whole.  Hong 

standard  charge  for  furniture  ^0I?S  jewellers  are  not  iugh  on 
seems  to  be  £90  for  1 cubic  design.  Go  to  them  for  strings 
metre  of  space;  this  would  allow  of  Pearls,  coral,  lapis,  amethyst, 
you.  for  example,  to  ship  back  rose  quartz,  or  for  diamonds  aH 

one  quite  large  cupboard  or  £L2jid>  * ffl£i 

twn  smaller  onus  considerably  lower  than  in  the 

If  ?ou  like  browsin'*  the  West-  The  cheaPest*  bul  "ot 

real  ' antique  areas"  are  SkSf 

I. is  to  go  to  one  of  the  wnoie- 

nirolihf  saters  operating  somewhere 

i}fci!Sj SL  likc  llle  Kaiser  Estate  on  Kow- 

« detour  into  * he  stalls  joonj  where  prices  average 
and  shopa  in  Ladder  StreeL  some  3o  per  cent  lower  than  in 
Serious  buyers  should  allow  the  retaiiers.  You  must 

plenty  of  time  because  there  is  have  an  introduction  (apply  to 
so  much  to  look  at:  shops  piled  ^ HKTA)  because  numbers 
high  with  blue  and  white  are  restricted. 

Always  ask  for  a receiot  wilh  ?eramics:  'ons  b“ds  o£  aPb!r'  At  Tse  Sui  Luen.  for  instance. 

Always  ass  lor  a receipt  wiin  1V0ry.  jade;  silver;  lights;  i found  a bewildering  selection 

the  serial  number  written  on  it.  Coromandel  screens,  of  pearls  in  every  colour, 

I was  much  laken  wilh  the  old  diameter  and  length:  you  choose 
Chinese  furniture  and  the  your  string  and  clasp  separately 


LIVE  WIRES 


offer  on  this  front  is  to  do  as 
much  homework  before  you 


ar  your  local  Rumbelows. 
Curry’s  or  whatever,  decide  on 
exactly  which  models  you  want, 
and  compare  prices  in  Hong 
Kong  in  at  least  thro  different 
shops. 


Also  check  that  Uie  serial  num- 
ber matches  ihe  one  on  the 


;a.TJ. 


famous  names  in  the  coloured  Remember  there  will  he  fakes  what  you  are  after  then  you  equipment  you  have  bought.  r«.Ym»  Knm*n'7i7r.hA*rta 
^ photpgnphs  they  display  in  around  so  keepyour  wits  about  should  head  for  Hoppy. Valley  ?0uwill  also' need  a worldwide  ,12“  ^?“h  ‘SJ&H 

iwi.e  ^ front  of  them  (no.  I don  t you.  Haggle  if  yoi 


l|-  , 1 nii  approve  either,  but  I’m  just  a stomach  for  it  and  renmm-  where  the  locals  shop.  This  is 


you  have  the  and  Causeway  Bay.  This  is 
where  the  loen 

where  you  can  buy  a shoerack 


,.-0  i<  wi  reporter  telling  how  it  is).  At  ber  that  the  merchandise 

> prices  ranging  irom  £10  to  £25  changes  ail  the  lime.  Jr  may  be  _ 

n ..  w for  a look-alike  Kolex,  they  La  cost  e and  jeans  today,  silk  in  your  wardrobe^t  something 

.j  jj£>C  seem  a snitch.  If  a fake  is  not  shirts  and  anoraks  tomorrow. 

% cur  * g your  line,  then  you  can  go  for  a c,olh  AMcy  Wing  on  Lane  is 
vfr.'^V.  rcaJJy  good-looking  watch  with  the  ,aPe  for  materials— every'- 
•""C  i:\vu-  * very  reliable  innards  for  welt  thins  fron,  velvet  to  cotton.  , , 

I",;.  ’ ,n?  w».  tinder  £20.  men’s  suitings  and  shirtings,  keeping  your  tastebuds  alert. 

c,fn8W®:  More  inexpensive  Walkmans.  Viyella  at  less  than  £2  a yard. 

ntiCtf*^  children’s  clothes  (the  markets  cottons  at  about  £1  a yard. 

1 .-.-uiefl' * are  where  any  local  resident  Don’t  buy  the  imported  stuff — 


•uarauLtre. 

llong  Kong  may  not  be  the 


of,  say.  flatties  in  every  colour  b^a/»  basement  it  once  was 
J but  there  are  still  plenty  uf 


between  £9  and  £15  a pair. 

Wander  down  Wong  Nei 
Chung  Road,  right  beside  the 
Happy  Valley  racecourse,  and 


among  the  many 


.--ijifiii  • are  wnere  any  local  resmem  umu  uj?  me  — 

: ^ with  any  sense  buys  the  staples  you  can  end  lip  paying  more 

the  children’s  wardrobes),  than  at  Peter  Jones. 

'•  — 1 The  Lanes,  running  between 


;; ;.:nced  ** 

!#.-5  J*-- 

**■?& 
I ll»* 

-.<S  ^.ll  * 

,i..'  ’ . J> 

-j  1'-’  .fH*. 

: 

. f 


scrounge 
shops. 

There  are  many  shoeshops  in 
the  area  that  will  make  to 
measure  for  about  £26  a pair. 
A friend  has  used  Nancy  and 


-rt 


Queens  Iload  ‘.nd^Voeux  *»■  ^Jl.  hr 

■a? Jt  SS  bedenTo  "ZJX 


really  cheap  luggage,  handbags, 
T-shirts,  jumpers.  cotton 
Chinese  jackets  ct  al.  Here  you 
must  compare  prices  and  haggle 
a bit.  You  can  buy  a copy  of 


shod. 

For  really  excellent  quality 
go  to  Mayer  shoes  and  Hand- 
bags in  the  Mandarin  Hotel. 
For  about  £60  a pair  for  men’s 


__  __  « « I * A V*  QVUUl  tvi  IHVU 

a Gucci  or  Hermes  handbag  for  sjj qq^  y0U  w||j  n hiah-class 


a twentieth  of  the  price  of  the 
real  thing  and  I bought  a fistful 
of  silk  ties  (choose  the  patterns 
carefully)  at  about  £1  each. 

The  Jade  market  has  moved 
since  I was  last  there.  It  is  now 


pair  of  shoes  made-to-measure. 


bargains  to  bo  had.  In  our 
group  homebody  bought  a 
Canon  Snappy  camera  for  £20 
— I had  checked  its  price  in 
the  duty-free  shop  at  London 
airport,  where  it  was  £52.95. 
The  Konica  Pop  10  was  selling 
for  abour  £28 — here,  at  Dixons, 
it  costs  £39.99. 

The  pace  of  cTiangc  in  Hong 
Kong  is  fast,  so  it  seems  likely 
that  the  best  bargains  are  to 
be  had  in  newly  superceded 
models. 

It  is  also  a good  place  to  find 
Ihe  very  latest  gadget  before 
it  reaches  ihe  West. 

Road  is  the 

tronics.  but  keep  your  wits 
well  about  you. 

Ocean  Centre  terminal,  is  a 


chests  (large  shipments  seem  you  leave  with  the  finished 

to  arrive  with  great  regularity),  necklace  at  a price  ranging  from 

For  between  £600  and  £1.000  HKS1.200  to  HKS20.000  depend- 

you  could  buy  a very  fine  piece,  ing  upon  size,  colour,  lustre. 

Be  sure  to  ask  for  clear 

CHOP  CHOP  receipts.  If  you  should  buy  a 

; ; — diamond  you  must  ask  for 

You  will  not  fail  to  notice  colour,  clarity,  cut  and  exact 

lhat  some  young  Chinese  girls  carat  weight  to  be  shown.  With 

sport  hairstyles  that  put  Loudon  gold,  all  jewellers  have  to 

crimpers  to  shame.  The  place  stamp  the  accurate  gold  con- 

to  go  if  you  need  a trim  or  even  tent  on  the  piece. 

a revamp  is  Lp  Salon  (a«k  for  a local  resident  of  many 

Kim)  at  67  Wyndham  Street,  years  standing  speaks  very  well 

near  the  Hollywood  Road  junc-  0f  Amerex  International  in 

lion.  Wing  On  Building.  It  is  also 

— ■ .pr  r— a wholesaling  operation,  but 

BARGAIN  BASEMENT  she  trusts  them  and  goes  to 

HONG  KONG  bein°  one  huce  them  for  mos*  jewellery  needs, 
riONC,  KONG  bem^,  one  nuge  iDcludiog  the  christening 

and  anniversary  presents  that 


factory,  manufacturing  for  some 
of  the  smartest  labels  in  the 
Nathan  world,  it  follows  that  there  are 
area  for  elec-  any  number  of  outlets  specialis- 
ing in  selling  Die  overflow.  The 
Delon,  in  the  vital  bonk  listing  them  ail  is 
called  Factory  Outlets:  most 


He  does  both  men’s  and  women’s  god,  reliable,  rather  smart,  dec-  bookstores  sell  it. 


shoes  (and  handbags)  and  I'm 
told  he  is  at  best  at  copying 
existing  shoes,  rather  than 
designing  new  ones. 


tronies-cum-photography  siore 
that  specialises  in  the  very 


Cambericy  in  Boom  813, 
Swire  House,  specialising  m 


iimii  oiJrLifljnc?  ill  me  vl-i.v  “»»»'• 

latest  thing  and  won’t  rip  you  Anne  Klein  clothes,  is  on  most 


occur  in  most  people’s  lives. 

If  you  have  stones  that  need 
resetting  or  beads  that  need 
res  (ringing,  take  them  along  to 
S.  H.  Chan,  in  the  Mandarin 
Hotel.  Also  Wai  Kee  in  Pedder 
Street,  who  is  good  with  silver, 
too,  and  will  resilver  worn 


off. 


Child's  pyjamas  with 
‘ squeaky  * patch  from 
Temple  Street  night 
market  £2.50. 


. il- 


, *£ 


l- 


tennis  socks  allegedly  by 
famous  names  like  Fila  and  Dun- 
lop for  £i  a pair,  shirts  at  £4 
. s i or  £5  each,  baggy  trousers 
‘!VT  rather  crudely  made  but  very 
cheap,  'jackets  galore. 
.Stanley  Market  is  the  place 
to  go  during  the.  day.  On  the 
south  side  of  the  island  you  can 
go  by  bus  (much  more  fun  than 
the  air-conditioned  limousines 
the-  taipaus  travel  in).  Catch  a 
number  6 at  the  bus  terminal 
in  'Exchange  Square  In  Central 
and  you  will  get.  there  for  20p. 


✓ 


people’s  top  list.  Wintcx.  too. 
at  Room  404,  Pedder  Building. 
12  Pedder  Street.  Central,  war- 
rants a regular  visit. 

HIGHLY  SUITABLE 


Another  Hong  Kong  resident 
told  me  she  always  goes  to 
Papillon  in  the  Tsirn  Sha  Tsui 
Centre  (1st  floor)  and  she 
advises  any  visitor  to  buy 
pearls,  pearls,  pearls.  Expect 
to  pay  something  like  £650  for 
IF  YOU  e::pect  to  fill  your  suit-  a good  double  strand, 
case  with  SI  Laurent  look-alikes  If  you  like  the  jewellery  Of 
for  the  cost  of  an  Oxfam  Kai-Yin  Lo— she  combines  old, 
number  back  home,  then  you  antique  pieces  with  new  serai- 
are  in  for  a disappointment,  precious  stones,  and  her  work 
There  van  hardly  be  a visitor  to  has  become  something  of  a cult 
Hong  Kong  who  hasn’t  got  a both  in  Hong  Kong  and  in  some 
sun  or  a shirt  that  he  never  Western  circles— go  to  her  own 
wears  because  he  bought  too  showroom  on  the  1st  floor.  4-6 
fast,  too  cheap  and  too  ignor-  On  Lan  Street, 
sntlv.  If  you  already  own  a suit 
ihat  you  are  entirely  happy 


SPECTACULAR 


with,  then  the  best  thing  lo  do  GLASSES  are  very  good  value; 
is  lo  bring  it  with  you  and  find  opticians  too,  I’m  told.  If  you 
out  the  name  of  a Honq  Kong  need  a new  pair,  carry'  your 
tailor  (Shanghai  ones,  the  pun-  prescription  with  you  and  you 
dils  tel]  me,  arc  belief  than  can  have  new  ones  made  up 
ihe  Cantonese)  that  a friend  quickly  and  inexpensively. 

Bamboo  bird  cages  like  the  one  above,  left,  can  be 
hnught  in  many  street  markets;  a tray  set,  top  right, 
£2  from  Chinese  Arts  and  Crafts,  Queen's  Road, 
Central.  Below,  on  the  left,  a modern  jewellery  box 
with  u antiqued  ” mirror  £33  at  the  Annabel] e 
Collection,  315  Ocean  Centre-  Kowloon.  The  antique 
Korean  chest,  below  left,  is  from  a fine  selection  at 
Kim's  Gallery,  5 Hollywood  Road,  at  prices  ranging 
from  about  £500-£2,000. 

Illustration:  Anno  Harrow 


Marconi,  Marie  Curie, 
Gustav  Ddcn,  Henry  Ford. 

VMhos  the  odd  one  out? 


Grazie,  Signor  Marami  for  your  radio. 

Merti,  Madame  Curie  for  radium. 

Thanks,  Henry  Ford  for  your  motors.  Tack, 
Dr.  Gustav  Dalenfor  theAga  cooker. 

No,  Dr.  Dalai  is  not  the  odd  one  out  Yes,  he 
is  the  only  Swede. 

He  was  also,  like  Guglielmo  Marconi  and 
Marie  Curie,  a Nobel  Prize-winning  scientist 
You've  probably  never  heard  of  him,  so  who 
was  Gustav  Dalen  ? He  is  the  man  to  whom 
ihousands  of  seamen  owe  their  lives;  becausehe 
invented  a thing  called  Dalen's  Sun  Valve  that 
turns  a lightship's  lights  on  by  night  and  puts 
them  out  by  day,  automatically.  That's  why  they 
gave  him  the  Nobel  Prize. 

, He  was  the  scientist  so  dedicated  to  his  work 

that  he  was  blinded  in  an  explosion  during  one  of 
his  experiments,  yet  he  still  went  on  later  to 
complete  the  experiment 

He  was  also  the  man  who  invented  the  only 
cooker  in  the  world  that  roasts,  bakes,  boils, 
stews,  s teams,  simmers,  fries,  braises,  grills, 
casseroles  and  toasts,  yes  toasts  (bet  you  thought 
an  Aga  couldn't,  didn't  you?)  perfectly . 

More  than  that,  though,  what  Dr.  Dalin  did 
in  1922  wa s to  reinvent  the  cooker . 

He  simply  couldn't  find  a cooker  in  existence 
j io  satisfy  his  exacting  scientific  standards. 

So  combining  his  knowledge  of  combustion, 
metallurgy  and  nutrition  with  kitchen  common 
sense,  he  invented  theAga. 

Despite  the  advent  of  microwaves  and  fan 
ovens,  there  is  still  nothing  in  the  world  that 
cooks  food  better  than  an  Aga. 

Remembering  what  a pain  it  is  waiting  for 
the  oven  to  heat  up,  Gustav  Dalm  made  sure  you 
never  have  to  do  that  with  his  Aga.  It's  ready 
anytime. 

Then,  pondering  the  inscrutable  riddle  of  the 
boiling-over  pan, he  came  up  with  a simmering 
plate  big  enough  to  hold  three  saucepans  that 
won't  let  them  boil  over.  Ever. 

The  boiling  plate,  though,  boils  a pint  of 
water  faster  than  an  electric  kettle.  It  holds  three 
saucepans,  too. 

More  interesting,  perhaps,  is  the  fact  that  our 
Dr.  Dalin  just  might  have  been  psychic.. 

Well,  can  you  think  of  any  other  cooker  that 
runs  throughout  the  day  cm  cheap  rate  overnight 
electricity?  Believe  us,  there  isn't  one. 

To  Gustav  Dalen,  making  a cooker  run  on 
theprindple  of  stored  heat  was  just  the  most 
efficient  way  to  make  it.  It  still  is. 

But  how  was  he  to  know  the  Central 
Electricity  Generating  Board  would  come  up  with 
'night  storage'  if  he  wasn't  psychic? 

Anyway,  since  you  can  now  buy  an  electric 
Aga  (as  well  as  one  that  runs  on  natural  gas, 
LPG,  oil  or  solid  fuel),  it's  the  only  cooker  in  the 
world  that  can  run  on  nothing  but  off-peak 
electricity. 

Impressed?  We  thought  you  might  be.  If 
you'd  like  to  see  a live  Aga,  any  of  our  distributors 
can  show  you  one.  Or  you  can  write  to  us  at  Aga, 
Freepost,  Ketley,  Telford  TF1 3BR  and  we'll  tell 
you  all  about  them. 

Oh  yes,  who  is  the  odd  one  out  ? It's  Henry 
Ford.  You  know  hint . He's  odd  because  he  was  no 
scientist.  He  was  just  clever  enough  to  sell  cars  by 
the  million,  saying:  "Any  colour  you  like  so  long 
as  it's  black." 

Well,  you  can  buy  an  Aga  in  green,  blue,  red, 
brown,  cream,  white  or  even  gloriously  black 
vitreous  enamel 


Psychic  or  not,  the  only  really  odd.  thing 
about  Gustav  Dalin  is  that  his  name  wasn't 
GustavAga. 


ITS  AWAY  OF  LIFE. 


XVi  "vvtJJbKfaWJcrri 


BOOKS 


Dream  remembered  on  waking 


possible  to  be  completely  pre- 
cise— does  be  attempt  to  deal 
with  a diametrically  different 
argument;  in  this  case,  the  one 
put  forward  by  other  historians 

" diverted  into  “welfare”  which  Seeking  with (difficult*  and  his  book,  however ; not  wjjh  the  ^“bftlSgSJhv)  “uirt^the 

THE  AUD.IT  OF  WAR:  THE  might  have,  and  should  have,  not  always  with  goodwill  to  economy  but  with  society.  At  British  War  econ'omv  compared 

ILLUSION  AND  REALITY  OF  gone  to  industrial  investment  cope  with  its  immense  post-war  some  unspecified  date  after  favourably  with  the' German  in 

BRITAIN  AS  A GREAT  There  was  no  possibility,  there-  problmns  Britain  was  impos-  1945,  “ a dream  had  turned  into  terras  of  overaU  planning  and 

NATION.  fore,  of  an  “ economic  miracle/’  sibiy  handicapped  by  the  lack  a dank  reality  of  a segregated,  organisation  Women  do  not 

by  Corelli  Barnett.  Macmillan,  Moreover,  wartime  fantasy  was  both  of  a well-trained  and,  sub-Uterate.  unskilled,  un-  £^ire  itl  ^ book.  Kor  does 

£14.95.  359  pages.  compounded  by  post-war  fan-  equally  or  even  more  important  healthy  and  institutionalised  agriculture.  ^ Theworet  in  other 

tasv  the  pretence  that  Britain's  a well-led  work  force.  Barnett  proletariat  hanging  on  the  economies  and  societies  is 

role' was  still  that  of  a great  says  little  about  leadership  as  nipples  of  state  raaternalism.”  denberatelv  kept  outside  the 

world  power.  such  fa  weakness)  or  about  the  It  sounds  as  if  the  date  is  the  terfno  the  audit 

complex  relationships  between  mid-1970s;  but  is  the  preference  ti,-  th 

ownerehip  and  management;  for  the  word  “ matemalism”  “prSphete  of  thTn^  Jem- 

but  in  his  dissection  of  other  over  the  more  familiar  word  gaiem»  a far  more  diverse 

war-time  reports  besides  that  of  “ paternalism  ” an  oblique  group  ^ motivation  and  out- 

Norwood.  many  unpublished,  cross-reference  to  Mrs  look  ^ he  claims  ^ not  ^ 
he  is  as  sea  th  mg  about  White-  Thatcher  . of  them  prophets  in  any  guise; 

hall  as  he  >s  about  Oxford,  Barnett's  is  a formidable  and  it  ends  with  a generalised 

Canterbury  or  winchester.  book,  essential  reading  for  as  proletariat.  Chapter  10  on 

He  quoted,  for  example  a many  people  as  possible.  It  “The  Legacy  of  the  Industrial 

?*?Inwr!f£hS7iin!?’tIa!CIS  emptying" sessions" with  gentle-  Ministry  of  Transport  report  of  claims  to  be  an  “operational  Revolution”  one-sided  and 

I me  nnuw  uisiuae.  oa  e men  of  c]0t.h » than  t0  2943  dismissing  a national  study,”  an  audit  not  an  essay,  based  on  limited  sources, 


WHAT  constitutes  a great 
nation  has  been,  is,  and  doubt- 
less will  be,  a matter  of  con- 
troversy.- So  too,  more  funda- 
mentally. is  the  question  of 
what  constitutes  “ illusion  ’* 
and  what  “ reality.”  In  his  large 
hew  book — in  some  respects, 
a sequel  to  his  earlier  volumes 


Meanwhile,  the  educational 
system,  backward  when  war 
broke  out  — and  already  a 
familiar  Barnett  thesis  — was 
not  improved  as  a result  of 
Butler's  much  publicised 
Education  Act  of  1944.  While 


— Corelli  Barnett  traces  back  tt  was  taking  shape,  far  more 
Britain's  industrial  deficiencies  firae  was  devoted  to  sfcuI1 


the  SonH  ^World^War U the  Seeking  an  efficient  system  of  motor  'road"'‘system  on^the  amTit  is  bitterly  scornful  nit  should  have  preceded  Chapter 
npriod  whPTi  there  was  the  technical  and  commercial  train-  grounds,  first,  that  it  would  go  only  of  Norwood— or  Beveridge  One,  “The  Dream  of  a new 

uenoa  wnen  ineic  was  Uie  ..  u, V„»  nf  nannla  ulm  nn-rto  .Tumwlcm  ” Ttlnro  urnnlH  h.ua 


strongest  shared  sense  in  this  and  when  it  took  shape,  it 
country  and  abroad  that  Britain  wa,s  811  “cabling”  measure 
was  a great  nation.  only. 

The  “liberal  fundamentalist 


beyond  reasonable  needs”  —but  of  people  who  write  Jerusalem.”  There  would  have 
and,  second,  that  it  would  essays  about  “ the  British  been  no  such  dream  during  the 
launch  out  “on  a scale  advo-  disease”  instead  of  trying  to  Second  World  War  had  it  not 
catcd  by  some  enthusiasts  who  cure  it.  He  is  particularly  been  for  the  brutal  facts  set  out 


It  was  illusionary.  he  argues,  unenu  ^re  perha^  unduly^  influenced  scathing  about  “ romanticism ” in  Chapter  10. 

to  propose  the  creation  of  a Philosophy  t pravided  its  Continental  analogies.”  The  *»r  too  comprehensive  a word . Nor  were  all  the  so-called 
-p^jen^-tottsmddte  ““ for  him  i/his  vituper»tive  war-ttae  _dreamers  Bring  in  a 


irsttts  s-Tsasss s:« 

Never Mck  while  teS  secondary  education  at  a critical  Jj*e  pejorative  word 
men  in  Britain  behind  the  juncture  in  British  history’,  nnentai. 


Surely 


w«u:u  w«a.  duct  cut,  .aiSc»j>  --  - — ~7m., T anathema-word  “ rnidnlv”  and  less,  his  language  is  as  colour-  Ernest  Bevin  deserves  more 

paid  for  by  the  Americans,  mg  doc^ent  on  tte  future  of  thA  „n,Jy.(Con_  fully  romantic  as  that  of  any  attention  than  Kingsley  Wood, 

essayist  and  his  cure  is  no  more  who  appeals  as  an  unfashionable 

— - - ...  _ . . precise.  hero  because  he  thought  in 

scenes  well-informed  and  clever  Nothing  realistic/  even  role-  Barnett  does  not  spare  * , , terms  of  an  auditor  “ Reality” 

enough  to  appreciate  this,  they  vant.  could  have  come  out  of  a industry.  He  includes  a brilliant  what  tins  remarkable  book  is  might  be  easier  to  take  account 
were  incapable  of  changing  the  report  adorned  on  its  title  page  chapter  on  shipbuilding,  a not  is  balanced  history.  Far  of  ..  mmum  ” but  can  anv 

new  Jerusalem  approach  or  the  with  a quotation  from  Plato  In  chilling  chapter  on  coal  a de-  too  much  is  left  out,  as  is  plain  socjety  survive  in  dark  days 

mood  and  values  which  went  Greek,  together  with  a trans-*  bunking  chapter  on  aircraft  and  even  from  his  bibliography,  without  hope  and  vision?  They 

with  it.  lation  for  the  benefit  of  any  a deeply  depressing  chapter  on  and  far  too  much  is  simplified.  Were  part  of  the  greatness 

As  an  inevitable  result,  after  passing  businessman  or  elec-  “the  dependence  on  America:  Only  occasionally,  as  on  pages  A B i „ 

. — .■ - » radar  and  much  else.”  He  ends  01-3 — so  rarely  that  it  is  ASa  JlFlggS 


the  war  scarce  resources  were  tronics  engineer. 


The  free  press  gang 


RUPERT  MURDOCH 
A Paper  Prince 
by  George  Munster.  Viking. 
£12.95.  291  pages. 

EDDIE  SHAH 

and  the  Newspaper  Revolution 
by  David  Goodhart  and  Patrick 
Win  tour.  Coronet.  £2.95  paper- 
back. 303  pages. 


Fourth  Estate  agents:  Shah  and  Murdoch 


of  the  Press”  is  a deception  and  in  both  Britain  and  Australia, 
that  workers  are  the  victims  of  and  advanced  his  career 
a capitalist  conspiracy  to  fill  accordingly, 
their  minds  with  trivia  and  It  is  plain  that  Sir  Keith's  son 
pictures  of  naked  women,  they  was  a devotee,  a man  inspired 
are  exaggerating,  of  course — to  match  and  exceed  the  suc- 
but  only  up  to  a point,  Lord  cesses  of  his  father.  This  he  has 
Copper.  Among  the  serious  equally  plainly  achieved,  in 
Press,  only  the  Guardian  is  three  countries..  The  late  Mr 
consistently  - anti-Conservative.  Munster's  account  is  intimately 
The  older  middlebrow  news-  Australian:  you  need  to  have 
papers  — the  Daily  Mail  and  prior  knowledge  of  the  characs 
" ” the  Daily  Express  — are  totally  ters  in  Down  Under  politics  and 

YOU  NEED  not  turn  away  from  Tory,  and  if  Mr  Shah’s  new  Press  to  appreciate  all  of  it. 
these  titles  muttering  that  if  Today  lives  up  to  its  promise  For  those  erf  us  who  do  not  have 
you  see  another  book  about  0f  being  sort  of  SDP-ish,  that  that  knowledge,  the  sheer  rough 
newspapers  you  will  scream,  will  hardly  be  seeu  as  winking  play  is  instructive:  if  the  leaders 
For  they  are  not  about  news-  up  the  balance  in  favour  of  of  Mr  Murdoch's  British-  print 
papers  — not  really.  Proper  the  left.  Lower  down,  there  is  workers  had  understood,  his 
books  about  newspapers  would  Robert  Maxwell’s  “Labour"  Australian  roots,  they  would 
concern  themselves  with  news,  Daily  Mirror-  and  lower  down  never  have  doubted  that,  when 
opinions,  the  role  of  informa-  tban  that,  the  Star.  Both  are  the  time  came,  he  would  not 
tion  in  democracies,  the  nature  best  regarded  as  part  of  the  hesitate  to  pull  the  trigger.  of  newspapers  and  their  politics  A sense  of  what  this  behaviour 

of  popular  or  posh  journalism—  entertainment  industry.  Of  course,  you  have  to  admire  —but  it  is  at  its  best,  and  most  has  meant  can  be  found  in  the 

•in  short,  the  content  of  news-  The  easy  answer  is"  that  all  the  business  achievement  which  fascinating,  when  showing  the  scrupulously  fair  reporting  of 
papers  and  the  effect  of  that  cures  are  worse  than  the  disease  15  immense.  Anyone  who  has  newest  proprietor  in  close-up.  Messrs.  Goodhart  and  Wintour; 

content  upon  readers  or  $0  £hev  seem  to  be*  a “ right  of  constructed  such  a huge  multi-  He  is  apparently  a man  of  great  although  to  those  who  have  seen 

advertisers.  reply,"  or  a tax  on  advertising  national  conglomerate  from  such  charm  (to  which  they  have  Fleet  Street  unions  at  work,  the 

What  we  have  here  is  some-  designed  to  provide  funds  for  relatively  small  beginnings  undoubtedly  succumbed)  but,  writers  may  sometimes  seem  to 

thing  almost  as  interesting:  the  opposition  newspapers,  or,  most  must  be  regarded  as  a prime  tbe  book  indicates,  he  is  also  have  been  a shade  too  fair, 

stories  of  two  hotly  driven  ener-  lamentable  of  all,  the  publics-  mover  within  his  industry.  He  vain,  self-centred,  driven  by  It  is  at  this  point  that  we 
getic  entrepreneurs  at  work  in  a 0f  official  newspapers,  has  naturally  been  determined,  relentless  energy  and  ambition,  need  to  pause  and  think  about 

world  In  which  capitalism  has  would  be  grotesque  intrusions  -hard,  ruthless.  How  else  could  a boss. who  must  have  his  way—  newspapers.  With  the.  print 
been  racing  back  Into  fashion.  jnt0  Tjgbt  of  editors  to  pub-  he  have  done  it?  surely,  when  it  comes  to  it,  a unions  in  full  retreat,  it  should 

Rupert  Murdoch's  conglomerate  jjsh  What  they  wish  (or.  in  too  Well,  he  could  not  have  done  ruthless  capitalist.  now  be  possible  to  start  new, 

appears  to  be  only  incidentally  manv  n resent  instances  what  it  without  certain  other  qualities  . ..  wu— low-cost  titles:  we  have  Mr  Shah 

in  “communications”  - and  the  ™"r  proprirtoiTS?  The  that  seem  to  be  essential  if  an  We  «« J je  already  fand  Mr  MunIort)  t0  thank  for 

wd  is  stretched  as  far  as  air-  } ?e7pla"of  the  Sarhet  ta  shirt  entrepreneur  is  to  succeed  on  ta™  SsSaal  ooaities  ^nor  thaL  The  marlwt  should  5*  ab,a 

lines,  which  are  communications  is  the  least  of  all  evils  and  the  the  grand  scale.  A wtilingness  l“5£/thh3dn g (K  forte)  a Produce  a greater  variety  of 
of  a sort.  Eddie  Shah  appears  one  we  mUst  put  up  with.  This  to  take  risks  and,  indeed,  to  lose  “0<uw  mmxmg i nis  xorce; ^ a titleSi  catering  for  more  interest- 

to  have  drifted  into  newspaper  might  be  so,  but  the  market  Is  » onf\  ^ *°  Urn  MceSarv oppomrafcm.  The-  £ro"ps  “?  e™*™*  opuuons- 

- hut,  from  this  account  it  not  serving  either  democracy  or  think  of  unorthodox  solution  “££5*- wutaTp™ rided  By  destroying  the  labour  mono- 

might  as  easily  have  been  *he  profession  of  journalism  is  another.  But  it  is  the  tlurd  mass  picketing  P°,ies’  capital,lsm  1185  belatedl>' 

double-glazing  (and,  indeed,  in  particularly  weU  right  now.  Tbe  that  seems  from  Mr  MunsteFs  g ££?  SSdmm SSI  r tawfe  b^un  to jvork. 

the  final  pages  we  have  our  principal  reason  Is  that  the  men  account  to  be  the  most  vitaL  It  Jf-Sj a Ind  MtaeSuentiy^  ra-  lhat’  hoTveil ,s,  n°t  l*ely 

Eddie  wondering  whether  he  who  rise  to  the  top  and  become  simply  opportunism  writ  jwon,  aoa  ^£^“^0“  10  b5  e.nDUgl?‘.  ™*±*f*i  f”me* 
might  become  the  new  Lord  proprietors  seem  to  be  such  cold  iarge:  a wtilmgness  t o grasp  the  ^ opportimlst  Torf  m w^ch  %trade  “n,0I?s 

Hanson).  knd  calculating  capitalists  them-  chances  VTfMdod  hs  thoi^et,  f^ne^tiie  NGA  and  SOGAT  ("*d  P™PnetOTs)  operate  is 

The  old-fashioned  among  us  selves.  and  the  law-jnd,  if  necessary,  ! eras  iriS  a world  imperfecl_ hme,  K ?pe  foI 

will  sigh  and  mumble  that  it  1 admit  that  there  is  nothing  to  work  hard  to  create  new  » come xo  termswun  a 010  new  comprehensive  and 

is  aU  a great  pity.  Newspapers  new  in  this.  The  most  absorb-  opportunities.  and  industrial  power  had  swung  mofe  ba,anccd  ,ab?.ur  ,a,VJT 

ought  to  be  conscious  of  their  ing  part  of  George  Munster’s  It  looks  as  if  Mr  Shah  is  not  p 0 ?nd  f?r  pew  an^‘1T^JK,po,-r 

responsibilities  as  part  of  the  account  of  the  early  career  of  all  that  different.  The  highly  legislation  that  works.  Then,  if 

Fourth  Estate:  daily  journalism  Rupert  Murdoch  is  the  chapter  readable  account  given  by  The  two  printing  muons  the  Left  failed  to  produce  a suf- 

trnght  to  be  as  honourable  as  on  his  father,  Sir  Keith.  He  was  Messrs  Goodhart  and  Wintour  created  Today,  which  is  ficientlv  robust  press  of  its  own. 

any  other  profession.  Alas,  the  a protege  of  Lord  NorthcJiffe’s  includes  plenty  of  information  manufartured  without  either  of  it  would  have  only  the  character 

reality  is  otherwise.  and  such  a good  learner  that  he  about  the  recent  ■ history  of  them,  just  as  surely  as  their  of  its  lenders  _ and  the  market- 

When  supporters  of  the  acquired  the  nickname,  when  newspapers  in  Britain  and,  in  behaviour  over  the_ past  30  j ears  ability  of  its  ideas  to  blame. 

Labour  Party,  or  parties  further  back  home,  of  Lord  So  uthcl  iff  e.  its  background  chapters,  touches  ^aidtb®  foundation  of  Mr  j Roffalv 

to  the  left,  protest  that  “freedom  He  made  his  political  alliances,  upon  such  matters  as  the  nature  Murdoch  s fortress  at  Wapprag.  & j 


Whose  obedient  servant? 


■■  fed  up  with  all  these  bases  in  Section  0 of  the  Official  Secrets 
WHITEHALL:  TRAGEDY  AND  jbe  south-east.  You  can  go  any-  Act  should  be  reformed 


FARCE 
by  Clive  Ponting. 
Hanhsh  Hamilton,  £9.95. 
256  pages. 


where  you  like  as  long  as  it's  that  there  should  be  . a wider 
north  of  Birmingham."  When  Intake  in  the  civil  service.  . 
Peter  Rees,  the  MP  for  Dover,  Implicitly,  however,  the  bpo* 
became  Chief  Secretary  to  the  raises  one  important  question. 
Treasury,  Heseltine  quickly  What  happens  when  a civil 
settled  for  Deal,  which  pre-  servant  begins  to  .have  dodbis 
viously  had  been  ruled  out  as  about  what  he  is  doing  or  being  . 
being  too  expensive,  because  it  asked  to  do  ? In  theory,  he  can 
was  in  Rees’s  constituency.  , go  to  the  head  of  his  department 
For  the  rest.  Ponting's  book  and,  ultimately,  to  the  head  of 


CLIVE  PONTING  was  the  civil 
servant  at  the  Ministry  of 
Defence  who  passed  documents 
about  the  sinking  of  the 

D^Snn°was  accused^  Is  a VcisroVand  parteToW  based  rte’etri!  service  and  .^transfer 

nlSfJi  mainly  on  selective  quotations  the  burden  of  conscience  as 

ni5  RnihS’  from  the  Crossman  and  Castle  Sir  Robert  Armstrong,  the 
ally  acquitted  at  the  Old  Bailey.  “°^es  ewhich  tend  to  show  present  civil  service  head,  has 

He  has  not  written  a very  British  government  at  its  worst,  put  it. 
good  book,  but  it  does  contain  There  Is  no  recognition  that  Yet.  how  many  of  them  are 
one  story  worth  an  historical  even  crossman  and  Castle  some-  going  to  do  that,  especially  lira 
footnote.  Panting  was  once  in.  times  saw  it  working  relatively  department  as  large  as  the 

charge  of  trying  to  cut  the  weU  Ministry  of  Defence  ? What ihey 

costs  of  training  the  armed  The  two  obvious  criticisms  of  need  is  a shoulder  on  which  ■ to - 

forces’  musicians.  There  were  the  boak  are  that  Ponting  Crv  at  a somewhat  lower  levr^' 

three  separate  schools  for  the  should  have  been  perfectly  The  machinery  for  that  does  n&»/ 
different  services  and  the  capabie  of  realising  the  imper-  exist,  and  the  strain  sometimes 
obvious  solution  of  a single  fections  of  the  • system  long  tells— as  it  did  in  Ponting’s  caw. . 
school  -had  long  been  opposed  before  he  started  leaking  docu-  It  is  not  just  Whitehall: 
by  service  interests.  merits;  and  that  if  you  are  going  tragedy  and  farce.  There  is  ( 

It  took  three  years  to  reach  a suddenly  to  denounce  the  system  sometimes  comedy  in  the  ' 
decision  which,  in  the  end,  was  lock,  stock  and  barrel,  it  would  middle.  Ponting  seems  to  have 
entirely  political  and  saved  no  be  helpful  to  say  what  might  he  verv  little  sense  rf  humour, 
money.  Michael  Heseltine.  the  put  in  its  place.  That  Ponting  TViolonlm  Rutherford 

Defence  Secretary,  said;  Tm  scarcely  does,  except  to  say  that  iviaicouu  .u 


Lives  ruined  by  spite 


BELOVED  QUIXOTE 
The  Unknown  Life  of  John 
Middleton  Murry 
by  Katherine  Middleton  Murry, 
Souvenir  Press,  £14.95. 

219  pages 


THIS  IS  an  interesting  and 
complicated  book.  Neither 
memoir,  nor.  biography,  nor 
literary  commentary,  it  tries  all 
three  by  turn — besides  incor- 


rine  suffered  from  an  un-  Middleton  Murry  was  tbinki^ 
requited  homosexual  love  for  and  writing  on  Keats,  Goetirc,  ( 
her  father)' continued  over  him  Blake,  Wordsworth — while  Law- 1 
all  his  life.  She  sees  her  own  rence  and  Katherine  Mansfield 
mother,  the  innocent  Violet,  as  were  constantly  on  the  tip  of  .his 
Murry’s  attempt  to  recreate  pen.  However,  he  entertains : 
wife  Katherine,  fulfilled  ambitions  other  than  those  of 
beyond  all  likelihood  by  Violet  the  common  intellectual,  beiug  ! 
managing  to  die  in  the  same  intent  on  founding  a new ; 
tragic  way  as  her  predecessor,  socialist  kingdom.  Aside  frbin 
One  of  the  interesting  com-  inability  to  run  such  a place  : 
plications  of  the  book  comes  when  Pr°P^r  premises  were . 
from  the  author’s  attitude.  On  acquired,  this  seemed  to  be  a 

porating  chunks  of  Middleton  h“^jn®he  dfu^ter^who  Betty*  who  proclaimed  hereof  • 

s "Sttrjsa  aco.rsrs-s- 

examples  of  an  extraordinary  ^ stronger,  broke  a table  over  his 

man's  inner  thinking  are  the  allowed  his  own  life  and  the  bead 

most  fascinating  part  of  the  i of  his  children  to  be  Katherine  Middleton  Murrr 
book,  counterpoised  as  they  are  ruined  by  the  powerful  spite  of  j,as  ^.jtten  this  book  “ to  df 
to  his  daughter's  childhood  to-  a crude  and  violent  woman.  On  r^oas  fQr  the 

call  of  the  same  period.  In  1935  th6i  other  hand,  it  must  be  tragedy  from  which  my  father, 
he  noted:  “ I would  like  to  have  obvious  to  her  as  she  quotes  ta  the  despair  of  his  brothers 
written  more  on  this  Man-  from  the  journals  that  most  and  friends,  could  not  be 
Woman  business.  I think  I people  will  judge  her  father  deflected”  She  quotes  syrnpa- 
discem  some  basic  rightness  in  critically  for  what  amounts  to  tbetic  dues  such  as  his  eariv 

this  impersonal  destructive  cruelty,  however  well-inten-  note  that  it  is  more  important 

activity  towards  the  Man:  some  tioned,  towards  his  children.  to  love  than  to  be  loved  The 
essential  and  necessary  test  Furthermore,  in  the  course  biurb  claims  that  Beloved 
upon  him  ...”  of  the  30  miserable  years  she  Quixote  portrays  the  true  nature 

This  Man-Woman  business  describes,  Murry  manages  to  of  a man  whose  public  image  hss 
turns  out  to  be  the  central  escape  into  two  love  affairs  fan  too  often  suffered  at  the  bands 

theme  of  the  book  for  the  lives  option  hardly  open  to  his  of  his  critics.  True  nature  or 

of  Katherine  and  her  brothers  children)  and  eventually  makes  not  a misguided  marriage,  as 
and  sisters  were  made  miser-  a fourth  and  final  happy  painted  by  the  main  victim,  is 
able  by  the  almost  insane  rages  marriage  — too  late,  unfor-  unlikely  to  gain  him  more 
of  their  father’s  third  wife,  tunately,  to  help  the  children,  admiration.  In  1937,  his  think- 
Betty,  whom  he  married  in  There  is  an  unpleasant  irony  ^ took  a new  turn.  Katherine 
order  to  make  a living  expert-  In  a journal  entry  for  1936  at  a consents:  “ Christian  pacifism, 
ment  of  D.  H.  Lawrence's  views  time  of  great  family  unhappi-  father  now  felt,  was  the  only . 
on  the  female-male  relationship,  ness:  “More  and  more,  I come  way  of  coping  with  the  micre  . 
In  attempting  to  explain  what  to  feel  that  children  are  more  of  tbe  warring  wotfe. 

seems  inexplicable  foolishness  important  than  anything:  and  tBetty)  and  its  macrocosm 
in  marrying  his  bad-tempered  that  the  kind  of  understanding  (theism).”  _ r 

and  nearly  illiterate  house-  I have  with  them  is  the  most  Tne  success  of  this  deeply 
keeper  two  months  after  the  precious  thing  in  my  life,  emotional  memoir  lies  in  dis- 
death  of  his  beloved  second  Children  really  are  wounded,  corering  the  equation  between 
wife,  Violet,  Katherine  returns  And  the  profundity  of  Christ’s  Murry’s  private  experience  and 
to  his  relationship  with  his  first  simple  doctrine,  * See  that  ye  public  stance.  There 

wife.  Katherine  Mansfield.  offend  not  one  of  these  little  remains  the  niggling  suspicion 
Her  influence  (and  also  the  ones-'  is  unsoundable."  that  a daughter’s-eye-view  can 

influence  of  Lawrence  who.  Much  is  forgiven  the  intellec-  never  b£sob^ec4V^».«.. 
according  to  daughter  Kathe-  tuaL  During  all  this  period.  Kachei  BliiUlgtOD 


Fiction 


Down  with  hype 


Lord  Egremont's 


ALONG  WITH  YOUTH: 
HEMINGWAY  THE  EARLY 
YEARS 

by  Peter  Griffin.  Oxford 
University  Press,  £12.95, 

25S  pages. 

HEMINGWAY:  A BIOGRAPHY 
by  Jeffrey  Meyers.  Macmillan, 
£16.95,  644  pages. 

THE  HEMINGWAY  WOBBEN 
by  Bernice  Kert.  Norton, 
paperback  £8.95,  555  pages. 

IN  THE  telling  conclusion  to 
his  Paris  memoir,  A Moveable 
Feast,  Ernest  Hemingway 
chastises  himself  for  succumb- 
ing to  a love  affair  which  would 
lead  to  the  breakup  of  his 
marriage  to  his  first  wife. 
Hadley  Richardson.  It  was 
Hadley  who  toughed  it  out  with 
him  in  frugal,  bohemian  cir- 
cumstances during  his  forma- 
tive years  and  who  gave  him 
his  first  sou.  Jack,  better  known 
by  his  nickname  Bumby. 

Hemingway’s  reference  to  bis 
first  wife  — there  would  be 
three  others  — is  swathed  in 
melancholia.  It  is  likely  that 
guilt  over  the  end  of  that 
marriage  stayed  with  him 
throughout  his  life.  Indeed, 
love  and  loyalty  and  human 
treachery  are  as  much  themes 
of  his  works  as  are 
publicised  subjects  of 
violence  and  death. 


Very  Ernest  affairs 


in  barrooms  and  inside  the  ring 
and,  in  one  case,  in  a pub- 
lisher's office;  tbe  duplicity 
with  wives  and  girlfriends. 


:h  themes  all,  the  outdoor  beauty  or  lor  r ae  nest  w years,  purnns  than  has  often  been  sucaeslod  lnrfe'  *‘Za’  Particularly,  of 
the  more  upstate  Michigan,  land  of  the  the  lie  to  suggestions  tiiat  ^although,  with  oulv  a few  -DufI  Twysdcn  and  Pat 

if  action,  Big  Two-Hearted  River  and  the  these  skills  were  acquired  exceptions.  his  affairs  inevit-  Lidy  _ Brett 

other,  stories  that  were  to  help  under  the  spell  of  Gertrude  abiyPhad  the  calamitous  Effect  ^SleJ,J?ndp^kefCarapbeI1  of 


dropped  from  his  output  after 
his  Spanish  Civil  War  phase. 

That  Meyer®  does  not 
address  this  question  directly 
is  regrettable.  But  perhaps  an 
answer  of  sorts  is  provided 
given  the  more  reflective 
nature  of  Hemingway's  post- 
war works,  the  effects  of  a 
constant  high  consumption  of 
Certainly,  Meyers  has  bene-  alcohol  (estimated  at  a quart 
filed  from  the  17  years  of  a jay  jn  bis  Cuban  years)  and 
scholarship  that  have  come  to  the  mounting  fatigue  on  mind 
light  since  Baker’s  work,  and  and  body  from  too  many  acci- 
the  more  intimate  approach  to  dents  and  too  much  adulation, 
biography  that  has  emerged  Meyers  grinds  out  the  narrative 
since  that  time.  Indeed,  one  of  Hemingway's  final  years  in 
has  scarcely  to  turn  a page  to  sad  and  unrelenting  detail, 
find  some  reference  to  sexual  It  was  Anthony  Burgess  who, 
misadventure  or  proclivity.  jn  explaining  Hemingway’s  fre- 
He  notes,  often  In  close  quent  and  unaccountable  bursts 
detail,  Hemingway's  habit  of  °f  vindictiveness  towards  his 
basing  stories  on  easily  trace-  friends,  said:  “Perhaps  he  had 
able  personal  experiences.  The  ™ore  °f  mother  in  him 
Sun  Also  Rises  likely  would  111311  lled  care  10  admit, 
have  been  actionable,  in  His  dislike  for  his  mother 
British  courts  at  least,  had  the  is  the  launch  point  in  The 
Pamplona  mob  described  Hemingway  Women.  Author 
therein  had  their  wits  about  Kert  claims  access  to  some  of 
them.  But  even  they  look  posi-  the  _ women  who  survived 
lively  conventional  compared  Hemingway.  Hers  is  less  a 
with  the  unsavoury  figures  literary  review  than  an  analysis 
moving  into  and  out  of  Ernest  of  life  with,  and  after,  the 
and  Hadley's  circle  in  those  author  from  the  viewpoint  of 
Paris  days.  his  intimate  companions.  There 

Meyers  grants  that  Heming-  ^aerll,5°SunL  vif?nettes  of 
wav  was  1ps«:  a nhiianrior-pr  Marina  Geilhorn,  wife  number 
of  for  the  next  40  years,  putting  JZ  Jtpn  hP^  three,  _and._  particularly,  of 


Hemingway  In  1944 


Hadley  was  not  his  first  real  make  the  Hemingway  legend.  Stein  in  Paris. 


of  leading  to  divorce  and  re- 


Sun  Also  Rises  fame. 


love.  That  distinction  belonged  The  book  reminds  us  of  the  Jack  Hemingway,  in  a fore-  marriage).  And  Meyers  skii-  A Point  missed  is  that,  while 

to  Agnes  von  Kurowsky.  an  Importance  of  Hemingway’s  word,  praises  Peter  Griffin  for  fjjiy  ases  lhe  technique  of  Hemingway’s  women  were  often 

American  nurse  who  tended  the  days  as  a $15-a-week  cub  infusing  bis  father  once  again  flashback  and  flashforwnrd  to  hard-done-by  In  real  life,  they 

teen  aged  Hemingway's  num-  reporter  with  the  Kansas  City  with,  life  and  feeling  — some-  relate  Hemingway’s  views  and  wel!c  rether  better  treated  in 

erous  shrapnel  wounds  during  Star,  and  the  influence  of  the  thing  missing,  he  says,  from  experiences  in  the  context  of  fiction — with  the  exception  of 

his  convalescence  in  Italy  in  Star’s  style  sheet  on  the  aspir-  the  otherwise  exhaustive  published  works.  Margot  Ma comber — than  were 

1918.  She  let  him  down  after  ing  author.  “Use  short  Hemingvray  biography  by  Meyers  does  not  diminish  h,s  men- 

he  had  committed  himself  to  sentences.  Use  short  first  para-  Carios  Baker,  published  in  Hemingway's  overwhelming 

marrying  her.  graphs.  Use  vigorous  English.  1969.  personality;  given  bis  intense 

The  two  women  dominate  Be  positive,  not  negative.  How  l here  is  plenty  Of  me  to  the  relationships,  his  zest  for 

Peter  Griffin’s  Along  with  quickly  he  was  to  obey  those  Hemingway  described  in  adventure  and  his  extra- 

Youth,  which  chronicles  the  commands  is  borne  out  in  five  Jeffrey  Meyers  full-fledged  ordinary  devotion  to  craft,  you 

first  21  years  of  the  young  previously  unpublished  short  biography,  which  now  must  cannot  help  but  wonder  that 

Hemingway’s  life,  concluding  stories  unearthed . by  the  bio-  rival  Bakers  as  a basic  refer-  something  did  not  give  sooner. 


Frank  Gray 


nr, \ n shadows  uu,u  emum.  s novel  is 

by^ Max  ^E^^mo  nt.  Seeker  and  LnJ J,«  “°wSr!?ig?t?rwa^d 


Warburg.  £9.95.  311  pages. 


MISS  ABIGAIL’S  PART  OR 
VERSION  AND  DIVERSION 
by  Judith  Terry.  Cape.  £9.95. 
328  pages. 


AUGUST  IN  JULY 
by  Carlo  Gebler.  Hamish 
Hamilton.  £9.95.  1SS  pages. 


GOING  HOME 

by  Freny  Olbrich.  Sidgwick  and 
Jackson.  £9.95.  246  pages. 


manner,  and  It  must  be  said 
that  it  lacks  style  or  brilliance. 
But  it  is  admirable  and  perhaps 
quite  courageous.  Simon  is  the 
kind  of  decent  man  who  has 
been  required  to  take  too  much 
falsity:  by  displaying  to  us  the 
manner  of  his  disintegration — 
often  with  humour  and  always 
with  sympathy — Lord  Egremont 
manages  to  affirm  the  invinci- 
bility of  the  truly  human.  The 
portrait  of  Harry  Brown,  whose 
belief  in  himself  as  an  “artist” 
is  sincere,  is  very  finely 
executed.  It  is  sympathetic  and 
yet  underlines  tbe  awkward 
fact  that  .purveyors  of  junk  are 
very  rarely  aware  of  it.  and 


Max  Egremont: 
highly  topical 


Polish  immigrant  to  Britain 
who  earns  his  living  as  an 
estate  agent. 

The  novel  consists  of  his  note* 


LORD  EGREMONT,  the  author 
of  Balfour  and  of  a well 

received  novel  called  The  actually  do  cry  on  the  way~lo 
Ladies’  Man,  has  in  Dear  the  bank. 

Shadows  written  a book  with  This  is  not  more  than  a 1,  t . . r *«>  •>«»- 

an  unusual  but  highly  topical  competent  novel,  and  it  has  its  apart  from  describ- 

theme:  it  is  one  that  more  tonpeurs.  But  competence  has  ^,*attI“apPens  t0  him  on  the 

authors  ought  to  tackle,  since  become  unusual:  what  now  « * ■ Kol’al  wedding  Ja 

it  is  relevant  to  the  disastrous  Passes  for  it  is  frequently  so  ,nfontauis-??lly  retrospec- 
decline  in  literary  standards  ^competent  — and  sometimes  im,«  pJ?!®es' is  a meticu- 
which  many  allege  to  be  taking  disgusting  in  its  fraudulent  d0ne  &*** 

place  at  this  moment  of  new  manipulations  of  reality  — that  '\re  Preblmn  is  that 

colour  newspapers  and  enor-  a “normal”  sensibility  is  rare  rnmoc  Keyed!iess  t0*>  often  be- 
mous  publishers'  mergers.  enough  to  deserve  praise.  I ™,7Iv,S  “ere  banality.  There- is 

o-  - , recommend  this  to  serious  H£,.J0ve  !or,^  loDely.  Pole-jJ, 

®].?011.  JS  a realist  and  readers’  attention.  August,  and  this  is  touchingly^- 

— **-  ' * eonvevprt-  — ■ 


an  meansr.  Me  is  tne  former  ,..x  ■ wuveyea;  but  psycholoeicar 

for  tries  to  be)  as  a member  , , ,Sr.nowJ  a P^^ation  is  a little  lacking  -If 
of  the  publishing  firm,  once  his  K^Verllty  teacI?fr  Canada,  not  undeliberatelv  Peonle^do 
family’s,  which  has  long  been  ft*!*®  UP  .In  after  all.  attraStheir^SiloS 

absorbed  by  a conglomerate  r,uk  Lmess;  we  aren’t  realS^shtnra 

which  deals  in.  among  other  not  come  off-  But  the  how  August  does  this  Nonethe- 

things.  car  components  and  interest  #some  — at  less.  August 

men’s  underwear.  As  one  who  Jrest  m the  terms  of  intelligent  thoroughly  honest  and 
is  trying  to  hold  ttie  Hn?  Miss  Abigail's  book.  ^ °mest  ***  loviBg 

against  even  more  vulgarity  Pa rV  -1S  an  historical  novel  Going  Hn» u»  hr,  ^ 

and  hype  in  his  firm,  J the  aspects  of  life  "which  autho?Uo TSJL 

lover  of  the  wife  who  hat  u>r*  ,Tane  Ansten  chose  to  omit.”  up  m Bombay, 

him.  as  a romantic  friend,  he  Ti1 naJ«aTSrijis  i^a  4^-dy*s  maid  suggests)  unhappW 

is  a dreamer  and  an  idealist  at  ^3nsfie  tJ  ,ParlS  7116  sty*e  is  territory  alreadv^JtU^i  l?78-* 

perhaps  modelled  upon  Miss  lata  by  : 


V 


” perhaps  modelled  upon  Miss  late  Pauf  wf  c‘a»nted  by  th* 
We  catch  him  at  a time  when  Austen's , but  the  subject  matter  market  fa  If 

ve  Is  ,lly  saga  set  in  Ind‘a 

thine  iSr?®  *arly  Wars  of  this  eg* 
S Wi>d  ȣ  serious 


Solution  to  Chess  No  612 


„ ...  _ „ „ Black  missed  1 Q-R3  ch,  K-Nl; 

just  as  he  and  his  new  wife,  grapher,  some  of  wtuch  accom-  ence  work.  One  cannot  but  The  grst  casualty  might  well  2 Q-K3,  P-KB4!  3 N-B6  ch  for 

Hadley,  prepare  to  set  sail  for  panied  love  letters  sent  to  wonder  if  he  has  not  gone  too  have  been  the  short  story,  3 PxP  en  passant,  QxQBP 

an  uncertain  future  In  Europe.  Hadley.  far  in  accenting  the  coarse  side  During  the  1920s  and  1930s,  attacks  the  pinned  knight), 

Mr  Griffin  brings  to  sparkling  They  display  the  flair  for  of  Hemingway’s  character;  the  Hemingway  became  one  of  this  K-B2;  4 NxR.  RxN;  5 P-Nfl  ch, 
life  suburban  Chicago.  Kansas  dialogue  and  crisp  writing  that  slanging  matches  with  critics  century’s  masters  of  the  form,  K-Bl  wins  the  pinned  white 

City,  war-time  Italy,  and,  above  were  to  dominate  his  writing  and  friends;  the  fisticuffs,  both  but  short  works  virtually  queen. 


he  is  on  the  verge  of  a break-  of  this  picaresque  narrative  Is  in  the  JJrKr  Saga  set  ,n  1x1(113 
down.  He  is  beset  with  doubts  modelled  on  the  sorts  of  thing  turv  IcX  ■ 
about  Harry  Brown,  his  firm’s  M>ss  Austen  left  out:  sexual  guide  , 

most  profitable  author:  is  he  a desire,  political  agitation,  the  that  i*»rindr*Q* the  IndiaillS,,n 
sort  of  genius  or  does  he  pro-  *»my  side  of  London  in  the  hardivK^  ^otng.  Home 
- — - after  the  Nanoleo™  seriously.  ■ A ' 


duce  trash?  He  thinks  that  his  years 
neighbours*  passion  for  each  wars, 
other  holds  some  sort  of  menac- 
ing message  for  him.  His  ex- 
wife's  tycoon  husband  seems  to 
be  involved  in  attempts  to 
firm.  He 
through 


control  the 
threatened 
children. 


.he  Napoleonic  ^lo^'^ha5,^  ^ 

1 could  see  little  point  In  robust  wdfls 

Ins  exercise,  and  the  relevance  intelligent  And  “hit  wed  tt  W 
to  Jane  Austen  escapes  tne.  But  tailed  stodginess  aptureBtlr  feis 
it  js  quite  a romping  yam  for  appeal.  pparenuy 

. Marfiii 
Seymour-SniMb 


js  those  who  like  romping  varus 
his  August  in  July  is  about  a 
lonely,  80-yea  r*o?d 


exile, 


ul  - 


,VE3Wf.„_ 


:v  f^ftanciaVThnes  Saturday  March  22  1986 


f 


ARTS 


Jy’-tJ  /Cls  J Afi 


WEEKEND  FT  XVII 


i i$S,? 

sen^S1 

c«il  *hi 


Sculpture  at  the  Royal  Academy 

A bizarre  Icarus  rises 


d°  UiS*  <* 

"Sr 


»* 


nor 

^ &£.*> 

>C3L» 

tab*  - ^ 


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,Jt,n?3ir  of  t a; 

r!«Hk  Cflnlj  .. 
3<*-  She  qua* : 

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1M  K « mreis: 

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f«!«s  ;te  r. 

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•:•:  u:>  varms  ■■ 

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surcea  of  lie  r ' 
tA  menoir  lwi 
iS  ’se  teuton  ^ 

• prraie  eT?w; 
is  pud'.ic  'aaw?  "•  ’ 
;h.»  suetliSE  v.  ■ 

(Lirchw'wjw 
io  aawciw. 

Rachel  Biffif 


LOVE,  DEATH  «d  high 
theatre  m»K  dje-  . Royal  Acs* 
dcmx‘<  spectacular  tribnte  ta  a 
sculptor  ..whoso  rppuatio'n  has 
berh  Held  for  aver  50  years. 
Alfred  Gilbert  Sculptor  of  Erw, 
IBS’ MtfH  {until  4un*  2ft).  Is  a 
triumph  of  design  aurt  scholar- 
ship. Spotlight  against  black 
drapery  and  framed  in  a door- 
way. the  first  sculpture  sets  the 
mood.  A naked  youth  swoons 
umJrr-  the  lis*  of  a Jimr,  heavy. 
winged  angel  wt* *se  uxquiSitely 
carved  ha»r  curves  across  h;s 
' ^annoreal  flesh.  Far  more 
'^iaarre  works  are  to  come,  ye: 
at  once  wc  discover  a disturb, 
inp,  even,  repellent.  but  fasci- 
nating artist. 

Like  Hie  arabesques  which 
Alfred  .Gilbert  loved  to  fashion 
■ in  his  jewellery1,  his  career  rose 
and  fell,  and  rose  again.  The 
-Shaftesbury  . Memorial.  better 
known  as  Eros.  mark;,  the  first 
peak.'  Vet  already  the  flaw's 
■which  were  10  bring  ruin  were 
in  evidence.  Unveiled  In  IS33, 
the  commission  had  taken  seven 
years;  it  flew  in  the  face  of 
what  Gilbert’'!  patrons  desired. 
The  public  adulation  in  which 
Gilbert  had  frolicked  through- 
out his  30s.  like  a puito  in  the 
jyav.es  of  ihe  pedestal,  began  to 
Tfry  up-  Gilbert  was  heading  for 
bankruptcy,  exile  and  public 
. disgrace.  . . 

But  the  man  publicly  de- 
. nemnred  as  a thief  and  a liar, 
-'forced  to  .resign  from  the  Royal 
Academy  for  professional  ink- 
conduct  rose  again.  His  second 
peak  was  the  Alexandra 
Memorial  of  1932  where  Eros 
is  London’s  favourite  statue, 
this  is  only  the  most  bizarre.  As 
in  that  first  Kiss  of  Victory,  an 
. androgynous  young  person  lies 
uasstve  in  the  arm?  of  a brood- 
ine.  masterful  female.  Years  in 
the  wilderness  had  not  snfterpd 
ihe  old  man’s  egotism,  for  Gil- 
^jerl  recarded  his  knichthond 
ws  mn  little  and  too  late.  Only 
?..  nocrane  would  have  done — 
♦h«*  from  a mnnarrhv  he  had 
treated  in  the  oast  like  an  im- 
Un-t-’nair>  tra*tpcTnan. 

• Gilbert’s  life  is  outrageous, 
hilarious  and  pathetic;  it  is 
oppressively  important  For 
understanding  his  work. 
Richard  Dorment,  whose 
accliamed  biography  of  Gilbert 
appeared  last  year,  created 
the  exhibition.  He  is  an 
enthralling  guide  to  the  sym- 


“ Icarus,”  made  in  1884 


holism  which,  in  later  work, 
becomes  incomprehensible  as  sraphy;  the  result  is 
Gilbert  mined  his  dreams  and  wrought,  over-healed 
bitter,  self-pitying  memories. 

Typical  of  this  tendency  is 
the  first  batch  of  saints  for  the 
lons-delayed  Tomb  of  the 


havoc  with  traditional  icono- 
over- 
and 

curiously  adolescent.  St 
Miebae)  the  Archangel  has 
Lucifer's  cloven  hooves. 
Instead  of  the  Virgin  of  the 


Duke  of  Clarence.  Gilbert  plays  Rose-garden,  beloved  of  iate 


Gothic  art,  we  hate  a lady 
engulfed  by  a briar-rose, 
spreading  like  >umr  monstrous 
grafi  iiVit  her  passive  body. 

Suffocating  hondagp  is  a 
repeated  theme.  Britannia  and 
5a wl  tbnirge  arc  imprisoned 
in  fanta'-lica!  arnmiir.  fashioned 
with  i‘xqiustte  skill  by  Gilbert 
the  jeweller.  The  central  bronze 
panel  fnr  f>«  •atlr.  The  Door  oi 
l.iic.  shows  Love  Bound  by 
Whispering  Angels.  Could  one 
find  anything  more  macabre 
that  tins  monument  to  a doctor 

and  his  crazed  wife,  with  the 
receptacle  cut  in  the  lady's  head 
to  receive  the  ashes  Of  the 
sculptor  sin*  adored" 

Eros  is  !a>l  in  the  series  of 
Gilbert's  great  studies  of 
adolescence.  Hut  unlike  them, 
he  is  revolutionary  in  being 
made  of  aluminium.  Experi- 
menting with  new  metals  and 
runmi.sting  materials  gave 
colour  to  Gilbert’s  work.  In 
ISSfi  a new  smelting  process 
had  made  aluminium  vastly 
rlieafier.  it  was  typical  of 
Gilbert’s  inventive  genius  to 
see  the  silver  grace  which  the 
rnelal  would  give  his 
aerial  youth.  In  its  generous 
sponsorship  of  the  exhibition, 
British  Alean  Aluminium 

co  memo  rates  the  centenary  of 
the  new  .smelting  process. 

The  t (-clinical  masters'  which 
was  Gilbert’s  hallmark  nowhere 
appears  to  better  effect  than  in 
the  magnifiernt  bronzes  of  the 
second  room.  Here  also  we  most 
appreciate  Piers  Gough’s  design, 
winch  brilliantly  evokes  both 
Uie  sculptor’s  workshop,  with 
works  casually  placed  here  and 

there,  and  a Victorian  home 
swathed  in  mourning.  Spotlights 
bring  out  the  superb  patina  of 
the  original  casts,  and  the 
subtly  inferior  quality  of  later 
copies.  Ira  ms's  shadow  on  a 
floorboard  hints  of  vulturiar 
menace. 

Anyone  should  ho  won  over 
to  Gilbert  by  these  master- 
pieces. PtTwtM  Arinnuj,  Hymen, 
Icaruu  and.  in  the  first  room, 
Head  uf  n Yountj  Girl.  Marvel- 
lously intense  studies  of  mood, 
these  portray  w*rapl  concentra- 
tion together  with  a melan- 
cholic. unconscious  sensuality. 
Icarus,  is  pausing  before  his 
fatal  flight  is  superb.  It  was  a 
prophetic  choice  of  subject  for 
a sculptor  whu  aimed  so  high. 
Yci  Gilbert  was  no  stripling 
youth  he  was  a stocky  father  of 
five  when  he  created  this  mas- 
terpicc.  Perhaps  he  knew  he 
was  the  artiste  maudit.  for  on 
the  pedestal,  a dove  spreads  its 
wings  in  the  smothering  em- 
brace of  the  serpent. 

Patricia  Morison 


Kedleston  Hall 

Trusty 

friends 

needed 


KEDLESTOX  HALL  ir.  Derby* 
shire,  the  mansion  built  by- 
Robert  Adam  for  the  Curzoa 
family,  is  passing  into  the 
hands  of  the  National  Trust. 
A dc-a!  h3s  been  put  together 
which  should  enjfalc  the  Trust 
to  take  on  the  hall,  the  con- 
tents of  the  house,  and  inc 
park,  but  it  still  needs  to  raise 
anuther  £2m  by  a public  appeal. 

Negotiations  to  secure 
Ked  lesion  have  been  tong, 
he  j ted.  and  tartuouz.  mainly 
because  of  ihr  numerous 
beneficiaries  under  various 
trust  funds.  Kedleston  had  to 
be  sold  to  raise  money  to  meet 
capital  taxes.  The  package  now 
concoct  cd  is  built  around  a 
£13. .5m  contribution  from  the 
National  Heritage  Memorial 
Fund,  which  secured  the  bouse, 
much  of  the  contents  and  pro- 
vided cash  for  maintenance. 

Now  Lord  Scaridale,  head  of 
the  family,  has  made  oxer  the 
property  plus  cash  of  up  to 
£2.5ni.  and  the  National  Trust 
has  contributed  JElm  from  its 
own  resources.  But  there  is  still 
the  Elm  gap.  and  Friends  of 
thp  National  Tru.-t.  in  both  the 
UK  and  the  US,  will  be  expected 
to  rally  round. 

Kedleston  is  one  of  the 
grandest  iSth  century  houses  in 
the  country.  The  sum  of  money- 
needed  to  acquire  it  and  endow 
it  seemed  formidable,  but  over 
a year  ago  the  Department  of 
the  Environment  came  up  with  , 
a surprise  £25m.  which  was  to 
secure  the  future  of  Kedleston. 
plus  Lord  Bradford’s  home, 
Weston  Park,  and  the  contents 
of  N"  os  tel  l Priory-  The  money 
did  not.  in  the  event,  seem  ro  be 
adequate,  and  negotiations  have 
dragged  along. 

Now  that  a deal  has  been  ' 
finalised  on  Kedleston  there  are  ; 
high  hopes  for  the  preservation  1 
of  the  Chippendale  furniture  at  1 
Nostril  Priory.  Talks  continue  ; 
about  Weston  Park  but  Lord  : 
Bradford  is  easing  his  capital 
tax  problems  by  sol  line  some  of  ; 
Ihe  contents  through  Christie’s,  j 

Antony  Thomcroft : 


Saleroom 


The  British  are  coming 


“Femme  au  lit,”  a 1927  work  by  Tsuguharu  Foujita 


THE  RICH  young  yuppies  from 
the  City's  money  and  com- 
modity markets,  plus  the  stock- 
brokers riding  high  on  the 
current  boom  and  the  coming 
Big  Bang,  could  well  be  spend- 
ing some  of  the  money  that 
escaped  the  Chancellor’s  claw 
this  week  at  Sotheby’s  i and 
Christie’s)  auctions  of  Impres- 
sionist and  modem  paintings 
nevt  week. 

Until  recently  the  London 
salerooms  only  acted  as  a clear- 
ing house  for  these  works  of 
art — around  70  per  cent  of  the 
paintings  and  sculptures  on 
offer  camp  from  abroad  and  the 
same  proportion,  or  more,  left 
the  country  after  the  auction. 

Now.  for  the  first  time,  there 
are  signs  of  a significant  British 
buying  interest.  Traditionally 
the  nouveaux  riches  have  taken 
their  tentative  steps  as  art  con- 
noisseurs by  buying  Impres- 
sionists—-acquiring  those  pretty, 
and  not  too  large  Renoirs, 
Monets  and  Pissarros  that  look 
so  decorative  on  the  walls  of 
modem  apartments. 

Americans  and  continental 
millionaires  have  been  buying 
Impressionists  for  generations. 
The  Japanese  (plus  a few 
Arabs)  got  the  habit  in  the 
1970s.  Now  it  is  the  turn 


B.  A.  Young  and  Paul  Driver  twirl  the  radio  dials 


Irish  sounds  stylish  Reputation  keyed  to  major 


w 


ST  PATRICK  will  win  this 
year’s  Championship  unless  St 
George  pulls  out  some  un- 
expected bounties.  Against  St 
/-Andrew's  nil  and  St  David’s 
t iree.  St  Pairick  netted  four 
ladio  4 plays  in  the  week,  one 
’ t .*  them  done  twice  cn  con- 
s feutive  days.  This  one.  Harry 
} anon's  The  Ornamental  Pear 
7 roc.  ‘,v2  j not  consciously 
I -ish;  it  was  a happy  half-hour 
aaout  nothing  more  important 
t.ian  a neighbours’  battle  over 
the  tree,  and  it  v/as  so  stylishly 
written  and  played  under 
Peter  Kavanagh's  direction 
■Vthat  i would  have  been 
dHi^hied  to  hear  it  twice  more. 

' 'Jojin  P.  Rooney’s  Second 
Oji:K>on.  oh  Saturday,  set  out 
tb'-.  contrast  Irish  and  English 
characters.  Dr  Claire  l English) 
succeeds  her  late  but  talkative 
father.  Dr  Pat  (Irish),  in  his 
practice  and  spoils  thp  patients 
by  giving,  them  what  they  want, 
not  whar  they  need.  1 Thought 
it  a slight  piece,  with  all  the 
characters  stereotypes  and  the 
playing,  under  the  same 
director,  moderate. 

.The  Monday  Play,  Remem- 
tirancc.  by  Graham  Reid,  was  an 
Ulster  Romeo  and  .lulict.  Sex- 
agenarians Bert  and  Theresa 


meet  as  they  tend  the  graves 
of  their  respective  sons,  both 
murdered,  and  fall  in  love.  Bert 
is  an  English  ex-soldier,  a 
widower,  a Protestant,  his  dead 
son  a UDR  volunteer,  his  living 
son  a vengeful  Ulster  police- 
man with  a rocky  ma  r ri  age. 
Theresa  is  an  Irish  widow,  a 
Roman  Catholic,  her  dead  son 
shot  by  the  army,  her  son-in- 
law  doing  life  for  murder,  her 
daughters  respectively  discon- 
tented and  resigned.  Their 
progress  is  followed,  rather 
sluggishly,  with  much  domestic 
detail  like  the  sound  of  tea 
being  poured  out.  Finally,  the 
children  have  all  been  driven 
to  unnecessary  flight  by  their 
sentimental  ciders’  affaire, 
which  itself  dies  sadly  away. 
The  director  was  Susnn  Hogg. 

The  fourth  play  Autumn  tore 
by  Stewart  Love,  did  not  seem 
to  me  to  be  specifically  Irish 
at  all. 

While  the  saints  go  marching 
in,  consider  the  lay  problem  of 
Mary  Toft,  who  gave  birth  to  no 
fewer  than  17  rabbits  in  1726; 
rabbits  that  seemed  about 
three  months  old.  One  investi- 
gating doctor  reported  that,  with 
no  sign  of  pregnancy,  she  was 


delivered  of  what  appeared  to 
be  a hog’s  bladder;  but  a more 
credulous  medico  assisted  at  the 
birth  of  rabbits,  though  he  was 
unwilling  to  give  evidence  about 
it  later.  Ultimately  there  were 
confessions  of  deceit,  and  Mazy 
had  three  human  children.  A 
contemporary  Mrs  Whitehouse 
demanded  whether  such  ideas 
were  fit  to  be  put  into  the  heads 
nf  rude  boys,  boarding-school 
girls  and  old  maids — a question 
still  asked  about  programmes 
less  intimate,  and  less  amusing, 
than  this.  The  Rabbit  Woman  oj 
Godaiming.  And  are  they?  John 
Theocharis  directed  the  pro- 
gramme on  Radio  4 on  Tues- 
day. 

Radio  4 is  scrupulous  with  its 
programmes  for  ihe  disabled — 
In  Towch,  Docs  He  Take  Sugar? 
— but  Radio  Merseyside  went 
one  better  on  Sunday  and 
broadcast  a programme.  Don't 
Turn  Off,  made  entirely  by 
handicapped  teenagers.  Their 
problems  have  been  heard 
before.  God  knows.  People 
won’t  talk  to  them,  they  have 
trouble  in  public  buildings,  and 
so  on.  But  to  hear  them  dis- 
cussing these  things  sensibly  for 
themselves  was  at  once  sad  and 
encouraging. 


JOHN  MARLOW  RHYS  is  a 
British  composer  of  the  same 
generation  as  Birtwistle  and 
Maxwell  Davies— he  was  50  last 
year— but  unlike  those  preco- 
cious luminaries  he  has 
achieved  only  gradual  recogni- 
tion and  among  a small  circle. 
He  has  had  relatively  few  per- 
formances. but  then  he  is  a 
slow,  ultra-fastidious  worker 
who.  as  far  as  I know,  destroys 
or  withholds  as  much  of  his 
output  as  he  lets  stand;  he  has 
also  been  occupied  with  teach- 
ing for  most  of  his  professional 
life. 

His  work  is  uncommonly 
intelligent  and  inventive; 
serious,  yet  engaging.  He 
rejects  easy  solutions  and  self- 
repetition.  Radio  3.  which  has 
broadcast  his  music  in  dribs 
and  drabs  since  1977.  this  last 
week  accelerated  the  growth  of 
his  rcputaiion  by  transmitting 
three  pieces  in  five  days. 

On  Saturday  the  pnseroble 
piece  Capriccro  (1978)  was 
given  a repeat  airing:  Wednes- 
day brought  ihe  first  broadcast 
of  the  recent  orchestral 
Aouilein;  and  last  night’s  Music 
in  our  Time  began  with  the 
premiere  (recorded  a year  ago) 


or  Tiro  Portraits,  performed  by 
the  ensemble  Spectrum  under 
Guy  Protheroe, 

The  last  of  these  is  a fetch- 
ing exercise  in  contrast, 
allegedly  between  Taoist  states 
of  Yang  and  Yin,  though  one 
hardly  needs  to  know  that.  The 
two  portraits  are  delicately 
sketched  even  when  the  pic- 
tured mood  is  violent 
Capriccio  was  heard  in  an 
outstanding  realisation  by  the 
Nash  Ensemble  under  Lionel 
Friend-  It  lives  up  to  its  title 
beautifully:  the  music  (a 
single  18-mi  mile  span)  moves 
lightly,  playfully  and  unpredic- 
tably  from  section  to  distinct 
section,  seeming  to  set  up 
numerous  ticking  or  chiming 
mechanisms,  rather  after  the 
fashion  of  Birtwistle  in  a piece 
like  Carmen  Arcadiae  Mechani- 
cae  Perpetimm. 

Rhys’s  devices  are  unself- 
consciously. unapologetically 
exliibited,  without  arcane  refer- 
ence. At  the  end  there  is  a 
delightfully  accurate  imitation 
of  a music-box  on  glockenspiel 
and  chime  bars  (with  a ratchet 
to  "wind  them  up”),  and  an 
equally  charming  duet  for  toy 
piano  and  harp.  Underpinning 


■^ffAGNARD:  GUERCOEUR- 

Demigny.  Ferrer,  Faniard, 
Bunlet,  Scharlcy  et  ai;  Aubin. 
Bourg  BG  4021-22  (two  mono 
records). 

LOCKENHAUS  FESTIVAL, 
Vols  I and  II:  various  works. 
ECM  1304-5  ttwo  records),  also 

on  compact  disc. 

OBOE  MUSIC:  by  Britten, 
- vn:>vV  Dutillenx.  Poulenc  and  Ifinde- 
,,-si  • mith.  Maurice  Bourgue  and 

•!".?  f Colette  Kling.  Harmonia  Mundi 

BMC  802. 

MOSCHELLES:  Complete  flute- 
and-piano  music.  AndrSs 
x.  fi*!  Adorj&n  and  Nofil  Lee.  Orfeo 


Records 


...-n.  2PJ\- ..  Vt 


Off  the  beaten  track 


: II-  * a-aorjan  am 

049832  H. 

jnd  ',n:i 

h^i 

■•.-ill* 


*£*& 

••  -ren!;r?- 

, ^ 

,f 


VILLA-LOBOS:  Chores  nos  S- 
9.  Schermerhorn/Hong  Kong 
philharmonic.  HK/Mareo  Polo 

6.220322 . 

BERIO:  Smfonia.  Eindrucke. 
Bouiez/New  Swingle  Singers/ 
Orchestra  National  de  France. 
Erato/Conifer  NUM  75198.  also 
on  cassette  and  compact  disc 


FERNEYHOUGH: 
"HOLLER:  Arcus. 


Funt-railles. 

Boulez  and 


jj1  "HOLLER:  Arcus.  Boulez  ana 
..  -jr  . EbtvSs/Ensemble  InterContem- 
-fi'  ,r  £ porain.  Erato  STU  71556,  also 


i ? Xl’i 


I;".' 

-^iv’  . £ 

■_i-  '"-1  Jr 
: ^ 


a "on  cassette 


NIELSEN:  Symphony  no  4. 
" Helios  " Overture.  Salonen/ 
• Swedish  Radio  Symphony.  CBS 
D1  42093.  also  on  cassette. 

4 THE  broad-gauge  threat  from 
the  compact  disc  industry  has 
-not  so  far  discouraged  smaller 
firms  from  exploring  the  less 

■ the  dead-  ends.  The  by-ways 

■ reported  below  will  strike  de- 
ported below  will  strike  dif- 

•-  ferent  listeners  as  appealing  or 
‘ just  odd  in  varying  proportions, 
■ ; but  none  of  them  strikes  me  as 
a waste  of  time. 

A superbly  obscure  one  is 
j»arlv  operatic  Maonard.  Alberic 


one  begins  to  think — the  most 
distinguished  composer  to 
emerge  from  Vincent  dlndy’s 
school.  In  his  period  he  was 
respected  as  a sternly  serious 
musician;  but  among  the  music- 
ally conservative  French  that 
was  not  a warm  recommenda- 
tion. nor  did  he  attract  the 
younger  enthusiasts  of  the  new 
Debussy /Ravel  wave. 

We  had  almost  forgotten  him. 
when  his  Fourth  (and  last)  Sym- 
phony appeared  on  EMl-Pathe 
Marconi  three  years  ago. 
Severely  impassioned  and 
sonorously  refined,  it  was  an 
old-fashioned  revelation,  with  a 
patina  of  mature  originality 
beyond  its  loyalty  to  the  d’lndy 
tradition. 

Guereoeur.  his  "trag£die  en 
musique"  of  some  15  years 
earlier,  is  a fascinating  find, 
even  in  what  seems  to  be  a 
blunt  transcription  from  some 
old  French  broadcast.  As  a 
stage  piece  it  would  be  ludi- 
crous: four  of  the  most  long- 
winded  principal  characters  are 
Truth.  Goodness,  Beauty  and 
Suffering,  and  the  fake-mythical 
action  is  a misanthropic, 
moralising  tract. 

Pretend  that  it  is  a dramatic 
cantata,  however,  in  some 
unknown  language  (unfortu- 
nately the  singers’  diction  is 
mostly  excellent),  and  Guer- 
cocut  proves  to  be  an  impres- 
sive score.  Not  nearly  so 
original  as  later  Magnard.  and 
with  too  many  plain  debts  to 
Die  Walhure:  but  shapely, 
strong,  well  varied,  enormously 
cultivated.  Tony  Aubin’s  anony- 


suggest  how  exciting  many 
passages  would  be  in  a high- 
powered  concert  performance; 
as  the  disappointed  baritone 
hero,  Bernard  Demigny  leads  a 
creditable  cast  in  patrician 
style.  We  assume  too  easily 
that  Debussy  and  his  cohorts 
were  competing  against  a 
declining  tradition  of  pedantry 
and  graceful  trivia,  it  is  good 
ro  discover  how  much  life  there 
was  still  in  the  Scholia  ideals. 
Magnard  is  enjoying  a modest 
resurgence,  and  tracking  him 
from  Guereoeur  to  the  Fourth 
Symphony  will  be  rewarding. 

One  of  the  main  attractions 
of  the  first  recording  from  the 
Lockenhaus  Festival,  an  album 
with  the  delights  of  a whole 
concert,  is  a comparable  revival 
of  Franck’s  Piano  Quintet.  It 
has  always  kept  a foothold  in 
the  repertoire  but  I have  never 
heard  such  a spare,  sharply 
dramatic,  fat-free  account  of  it 
as  is  given  here  by  Alexandre 
Rabinovitch  and  (half  his  age) 
the  precocious  Hagen  Quartet. 

The  Hagens— three  siblings 
and  a young  Salzburg  friend, 
whu  are  cut  out  to  be  a lead- 
ing quartet  for  the  next  40-odd 
years— are  just  as  alert  and 
bold  with  Janacek’s  Quartet 
No  1. 

The  two-record  format  is  not 
an  expensive  indulgence,  for 
the  programme  also  includes 
two  ironic  Shostakovich 
waltzes,  a pungent  version  nf  a 
suite  from  Stravinsky’s 
.Soldier’s  Tale  led  by  Gidon 
Kromer  (the  Lockenhaus  direc- 
tor) and  another  of  the  Con- 


songs.  and  the  most  vivid  per- 
formance yet  of  Andre  Caplet's 
harp  concertino  after  Poe,  The 
Masque  of  the  Red  Death.  It  Is 
enough  to  make  one  try  to  fiDd 
out  where  Lockenhaus  is. 

Anyone  who  regrets  the 
absence  of  HoIIiger-thc-oboe 
from  the  Lockenhaus  album 
can  console  himself  with  the 
new  Maurice  Bourgue  record, 
which  comprises  the  20th- 
century  oboe  repertoire:  the 
sonatas  of  early  Dutilleux. 
Hindemith  and  late  Poulenc, 
and  Britten's  Metamorphoses 
after  Ovid. 

Bourgue  is  impeccably 
refined  in  each  idiom;  his 
accompanist  Colette  King  is 
faithful,  though  recorded  too 
far  forward.  It  is  a great 
pleasure,  and  so  is  the  un- 
expected Orfeo  album  of  all  the 
flute-and-piano  music  by  the 
once-famous  Moseheles  (two 
big  sonatas  and  more  occasional 
pieces).  The  piantel  is  No21 
Lee.  fresh  as  always,  and  the 
remarkable  flautist  Is  the 
Hungarian  Andrfis  AdorjSn— 
beautiful  open  tone,  and  a gift 
for  combining  respectful  style 
with  shameless  imagination. 
There  are  spontaneous  delights 
all  along  the  way. 

Spontaneity  was  the  great 
thing  about  Villa-Lobos.  His 
Choros  Nos  8 and  9 — expan- 
sively colourful  large-orchestra 
pieces  from  his  Paris  period  in 
the  1920s  — offer  the  usual  un- 
disciplined seductions:  great 
fun.  exuberantly  splashy.  And 
perhaps  Villa-Lobos  was  more 


one  suddenly  recognises  the 
conception  of  the  orchestra  that 
Messiaen  took  over  (compare 
his  Turangalila!)  — emble- 
matic wind-patterns,  romantic 
strings,  independent  percussion- 
games.  Do  Messiaen's  more 
overtly  formal  exercises  in  that 
style  have  much  more  expres- 
sive weight? 

The  new  Boulez  performance 
of  Berio's  colossally  clever 
Sinfonia  of  1969  needs  just 
three  comments.  It  includes 
Berio's  finale,  as  the  composer's 
own  CBS  recording  came  too 
soon  to  do,  and  that  finale  is  a 
calculatedly  effective  rounding- 
off  of  the  original  piece; 
Boulez’s  orchestra  is  less  clever 
than  Berio’s  NYP  at  making  the 
musical  quotes  that  supply  the 
fabric  of  the  great  collage- 
movement  instantly  recognis- 
able, and  the  spoken  texts  in 
the  new  recording  are  allowed 
to  cover  the  musk  rather  too 
often;  but  Baulez  gives  us  also 
the  later,  rhetorically  gripping 
EindrUcke. 

Boulez  also  conducts  Brian 
Femeyltaugh’s  Fun&railles 
music  which  characteristically 
sounds  tough  but  densely  inven- 
tive. with  an  immediate  (if 
puzzling)  impact,  and  York 
Holler’s  Arcus  combines  tape 
with  seventeen  live  players  to 
broader,  simpler  purposes:  a 
good,  thought-provoking  state- 
of-the-art  record. 

Finally,  Esa-Pekka  Satoyen 
gives  us  a Fourth  Symphony, 
the  “ Inextinguishable  ” of  Carl 
Nielsen  — born  on  the  same 
day  as  Magnard  — which  is  less 
brilliantly  taut  (and  slow)  than 
Simon  Rattle’s  recent  version, 
but  more  openly  personal,  and 
with  the  bonus  of  the  Helios 
Overture,  a devout  vision  of  an 
Aegean  dawn. 


this  stylised  coda,  though,  is  an 
ominous  violin  part  whose 
vibrato  becomes  expressions  Stic: 
thus  are  the  games  of  the  piece 
called  to  account,  but  the 
overall  impression  of  speed  and 
skill  remains. 

Capriccio  won  the  1983  Ian 
Whyte  Award;  as  a result,  Rhys 
was  invited  to  compose  a work 
for  the  Scottish  National 
Orchestra.  The  ensuing  half- 
hour-long,  ambitious.  and 
deeply  impressive  Aquileia  was 
handsomely  served  by  that 
orchestra  and  its  chief  conduc- 
tor Neeme  Jarvi.  It  is,  not  sur- 
prisingly, an  austerer  concep- 
tion than  Capriccio.  but  not 
flatteningly  ” symphonic " nor 
without  its  volatile  elements. 
The  first  of  three  broad  con- 
tinuous sections  is  played  hy 
winds  and  percussion  some- 
times essaying  a Stravinskyan 
rhythmic  insistency.  The  strings 
enter  with  pianissimo  magic  on 
a sudden,  densely  chromatic 
chord  to  begin  the  second  part, 
dominated  by  such  massive  and 
— if  we  follow  the  title’s  allu- 
sion to  an  Italian  basilica  — 
perhaps  “ architectural  ” sonori- 
ties. 

During  the  rest  of  the  piece 
one’s  expectations  continue  to 
be  played  with  subtly:  the  form 
is  always  interestingly  reticent, 
but  a final  climax  does  arrive, 
even  if  it  is  wiped  away  by  an 
impertinent  codetta.  Aquileia 
is  crammed  with  felicities  yet 
more  than  just  a mosaic  of 
these:  it  has  the  authority  to 
hold  its  own  against  majro 
orchestral  statements  by  Rhys's 
coevals  — Davies’s  Second 
Taverner  Fantasia.  Birtwistle’s 
Triumph  of  Time. 


of  the  British.  For  Impres- 
sionist and  mod>-m  pictures  are 
the  great  investment  market. 
The  artii-ts  are  highly  regarded 
hy  historians;  there  is  a compre- 
hensive literature;  there  are 
enough  works  available  to  form 
a market;  they  are  colourful  and 
have  a contemporary  appeal 
i none  of  the  religious  and 
mythological  subject  matter 
which  makes  Old  Masters  such 
a challenge);  and  they  have  a 
good  record  for  price  appre- 
ciation. 

In  New  York,  where  the 
major  Impressionist  and  modem 
sales  are  held.  Sotheby’s  would 
reckon  on  a score  or  so  poten- 
tial new  collector-millionaires 

at  every’  big  auction. 

Since  I960  the  price  apprecia- 
tion among  Impressionist  and 
modems  has  been  pretty  con- 
stant. They  have  become  the 
bedrock  nf  the  prosperity  of  the 
auction  houses,  accounting  for 
well  over  a quarter  of  Sotheby’s 
foOflm  sales  in  1985.  The  re- 
venue from  one  hour  spent  sell- 
ing off  a choice  collection  of 
Impressionists  can  exceed  one 
year’s  labour  in  a more  intri- 
cate sector  like  portrait  minia- 
tures or  icons. 

Next  week’s  sales  at 
Sotheby’s  are  good  without 
being  sensational  (Christie's  has 
never  been  able  to  match 
Sotheby’s  in  this  area  but  prob- 
ably still  has  the  edge  in  Old 
Masters).  One  reason  for  the 
absence  of  masterpieces  is  the 
steady  rise  in  their  value — the 
owners  are  sitting  on  them 
watching  them  appreciate.  As 
a result  what  might  have  been 


considered  attractive  second 
division  artists  five  years  ago 
are  now  fetching  exceptional 
prices  as  new  collectors  compete. 

For  example,  the  work  of 
Gustave  Caillebolte  featured 
prominently  to  the  shows 
organised  by  the  “Impres- 
sionists” in  the  Paris  of  the 
ISTO’s  and  'SO's  when  they  were 
regarded  as  beyond  the  pale  by 
the  Academy.  But  this  century 
he  has  made  a negligible  im- 
pact. In  ISS-:.  Sotheby's  sold 
the  Pauline  Cave  collection, 
featuring  Caillebotte.  for  some 
remarkable  prices  and.  as  a re- 
sult. owners  of  Caiilebottes  have 
been  sending  their  paintings  to 
The  auction  houses.  “Portrait 
d?  Pierre  EaboV  painted  in 
JS93  and  the  artist’s  last  por- 
trait. carrio*  an  estimate  of 
£55,000-£70,000. 

It  is  the  same  with  the  20th- 
century'  German  school,  which 
sank  temporarily  without  trace 
beneath  the  domination  of 
Paris.  Now  they  are  back  in 
favour  and  a German  expres- 
sionist work,  like  “ Am  abend 
Oder  Claudia  ” by  Franz  Radzi- 
wiJJ  is  forecast  to  sell  at 
£50.000- £70, 000.  over  treble  the 
estimate  of  five  years  ago. 

Other  artists  now  keenly 
competed  for  include  Marie 
Laurencin.  Foujita  and  de 
Chirico.  Chagall  has  enjoyed 
a boost  since  his  death  last 
year  (a  good  example  is  on 
offer  for  £150,000-£is0.000)  and 
there  are  attractive  paintings 
by  Dufy  (one  of  Henley 
Regatta)  and  Boudin.  A Monet 
(no  surprise)  carries  the  top 
estimate  of  £330.000-£450,000 
fit  sold  for  $230,000  in 
I9S0)  but  historically  the  Van 
Gogh  of  a pair  of  lovers  is 
more  interesting — they  were 
part  of  a larger  canvas  which 
he  disliked  and  destroyed, 
retaining  this  small  (12  in  by 
9)  section. 

Also  on  offer  are  versions  of 
Rodin's  two  most  famous  crea- 
tions. ” Le  baiser  ” and  ’*  Le 
penseur.”  and  the  recent  re- 
discovery sculpture  might 
overweigh  in  the  saleroom  the 
familiarity  of  the  subjects. 
There  are  also  works  by  Picasso 
(who  has  nor  risen  in  price  as 
rapidly  as  some  of  his  fellows). 
Surrealists  like  Dali  and 
Magritte,  and  Bonnard  and  Van 
Dongen. 

Not  all  paintings  by  the 
famous  Impressionist  and 
modern  artists  are  master- 
pieces, and  examples  of  quite 
notable  names  can  be  acquired 
for  £1.000  or  less.  Perhaps  the 
best  bargains  can  be  found 
amoung  the  watercolours  and 
drawings  on  Wednesday  after- 
noon. 

Antony  Thomcroft 


Stratford.  Ontario 

John  Neville,  artistic  director 
of  the  Stratford  Festival  in 
Ontario  will  direct  the  opening 
production  of  the  1936  season. 
Hamlet,  on  May  20.  Brent 
Carver  plays  the  title  role  and 
Elizabeth  Shepherd  plays  Ger- 
trude. This  will  be  followed  on 
May  22  by  Rosencrantz  and 
Guildenstern  Are  Dead 
The  third  production,  opening 
May  24.  is  Shakespeare's  Henry 
VUI. 


FORTY  YEARS  OF 
MODERN  ART 1945-1985 


19  February-27  April 


The  most  comprehensive  display  yet  seen  of  the 
Tate’s  Collection  of  post-war  art,  showing  all  the 
principal  movements  since  1945. 

Tate  Gallery 

Millbank,  London  SW1 

Admission  free  Monday-Saturday  10-5.50  Sunday  2-&50 
dosed  Good  Friday  (28  March)  Recorded  information  01-821  7128 


=CHRTSTIE’S= 

The  right  place  for 
Drawings  &^tercolours 
Anthony  Browne 

8 King  Street,  St.  James’s 
London  swl  Tel:  (01)  839  9060 

Jonathan  Horwich 
85  Old  Brampton  Road 
London  $W7  Tel:  (01)  581 7611 


Art  Galleries 


ALLANS  HAND  EMBROIDERED  SILK 
PICTURES  nuke  the  most  delightful, 
different  end  Inexoonilvc  gift*.  From  «s 
little  as  £2.50  untrained,  Lower  Ground 
Floor,  Allan  Famous  Gift  Stop.  56-SB. 
Duko  Street.  Groswenor  Square.  London 
5W-M  6HS.  9-6  Man.. Erl.  90  Set. 

SLOANE  STREET.  Five  moms  designed 
with  early  English  and  American  Paint- 
ings and  furniture,  quilts,  wegthervanes. 
etc.,  which  make  a home  really  different 
and  original.  CRANE  FOLK  ART.  171a 
Sloane  Street  (upstairs).  London  SW1. 
Tel;  235-2464,  MDn.-FrJ.  10-6;  Sat.  10-4. 


PARKER  GALLERY.  12a -12b.  Berkeley 
Street.  London  W1X  SAD  (opposite 
Ma/fair  Hoten.  01-499  59D6. 

BURY  STREET  GALLERY.  1 1 Bury  Street. 
Si.  James's.  SW1  9S0  2902.  Danish 
Painting  1680-1920  Monday  Friday  10-5. 
KING  STREET  GALLERIES.  Impressions  of 
the  Horse  by  MONICA  5A1TO.  17,  King 
5t..  St.  James's.  3W1. 

MARLBOROUGH,  6.  Albemarle  SI-  Wl. 
Studies  of  the  NUDE.  19  Marrh-2  May. 
Fully  illus.  car.  avail.  Mon.-frt.  10-5.30; 
Sats  10-12.30.  01-529  51BI. 


The  Royal  Opera 

AMBELLA 


Royal 

Opera 

House 


Richard  Strauss 


Cast  includes;  2 s ; A.:  ^ 

Lucia  Popp,'.  Bernd  AS^iiLMarie-McLaughtipp 
D ay  id  Renda  iLr.H  eiga -Be  r.nesch,.  \%*  ter  Berry., 


Conductor:  Bernard  Haitink. 

March  27, 31;  April  4S  8, 10  at  7.00pm. 

Reservations:  01-240 1066/1911 

Access/Visa/Diners  Club. 


Win  WEEKEND  Ki 


i iiiauaai  limes  Saturday  jaarcn  ii  - 


Private  view 


Church  militant 


THE  BRITISH  are  a very  pagan 
nation.  Only  one  adult  in  six  is 
even  a nominal  member  of  a 
Christian  church,  and  the 
proportion  is  declining.  The 
most  flourishing  religious 
affiliation  is  Islam:  through 
immigration  and  the  birth  rate, 
the  numbers  in  the  UK  have 
doubled  over  the  past  decade. 
But  Anglicans.  Roman 
Catholics,  Presbyterians,  all 
share  in  the  general  slump  of 
traditional  local  faiths.  There 
are  now  more  Muslims  than 
Methodists  in  Britain.  .Ml  the 
chapels  I went  to  as  a child  in 
Yorkshire  have  now  been  pulled 
down  for  their  stone,  and  made 
into  garage  spaayi  or  cheap 
housing. 

This  used  not  to  be  so.  We 
are  about  to  have  the  welcome 
anomaly  of  a direct  electoral 
fight  for  control  of  the  post- 
GLC  Inner  London  Education 
Authority.  It  will  be  held  on 
normal  political  lines.  But 
when  elected  local  education 
boards  were  first  set  up,  in  the 
late  19th  century,  even  more 
vitriolic  infi^htin-s  took  place 
— between  the  rival  Noncon- 
formist and  Anglican  candi- 
dates. Religion  mattered  then, 
for  better  or  worse,  in  everyday 
life.  Northern  Ireland  is  now 
the  only  part  of  the  kingdom 
—except  perhaps  Liverpool  and 
Glasgow — where  this  is  still 
true. 

The  change  has  many  advan- 
tages. But  it  has  one  big 
drawback.  Tt  leaves  a gap  in 
our  political  and  social 
imagination.  Our  eyes  are  closed 
to  the  sheer  power  of  religion. 

You  can  see  this  in  much  of 
the  comment  from  England 
about  Northern  Ireland. 
Journalist  after  journalist 
politician  after  politician,  goes 
over  there  in  pursuit  of  those 
consensual.  middle  - ground 
people  whom  the  law  of 
(English)  averages  leads  them 
to  expect.  And  again  and  again 
they  fail  to  find  them.  English- 
men. whether  of  right  or  left, 
see  the  world  largely  in  terms 
of  class.  They  know  how  to 
manipulate  that.  They  cannot 
accept  that.  in  Northern 
Ireland,  religion  is  really  what 
counts.  Yet  they  ought  to.  We 
have  just  had  a more  thorough- 
going one-day  protest  strike  in 
Ulster. , based  on  religious 
solidarity*,  than  the  enfeebled 
class-based  trade  unions  of  the 
mainland  could  manage. 

And  despite  the  smooth 
utterances  of  Tom  King — thp 
very  model  of  a middle-ground 


mm 

sSBgiii.  ....... 


Stalin  (above)  mocked  tbe 
Pope's  battalions;  now  tlie 
church  challenges  his 
successors 


Tory — we  face  the  prospect  of 
more  sectarian  strikes  against 
the  Anglo-Irish  Agreement  It 
is  about  time  we  started  to  try 
to  understand  religion  again, 
even  if  we  can't  actually  believe 
in  it. 

The  only  people  who  seem 
worse  at  understanding  it  than 
the  English  are.  members  of  the 
Soviet  Communist  Party.  After 
almost  70  years  under  an 
avowedly  atheistical  regime, 
Christian  belief  has  not  been 
rooted  out.  The  opiate  of  the 
people  turns  out  to  have  a half- 
life  even  longer  than  that  of 
nuclear  waste.  The  communist 
state  cannot  get  rid  of  it.  Many 
■Sonet  dissidents  have  turned  to 
the  Orthodox  Church  because 
it  offers  a living  alternative 
ethic,  and  because  it  gives  a 
thread  back  into  Russian  history 
which  allows  you  to  escape 
from  the  Marti st-Leninist  maze. 

Yet  the  Orthodox  Church — 
tamed  by  the  tsars  even  before 
the  Communist  Party  tried  to 
complete  its  emasculation — is  a 
pretty  unlikely  hero. 
Notoriously,  the  Polish  Catholic 
Church — with  an  unashamed 
allegiance  to  a pontiff  h3lf  a 
continent  away — was  even 
harder  to  crush,  and  an  even 
better  banner  for  dissent.  And 
the  latent  worry  for  Mo*rnw  is 
Islam.  Ask  not,  Mr  Gorbachev, 
for  whom  the  muezzin  calls:  he 
calls  for  thee. 

In  plunging  into  its  Afghan 


adventure,  the  Soviet  Union 
must  have  reckoned  the  usual 
military  risks.  It  does  not 
appear  to  have  expected  to  find 
itself  up  against  religious 
opposition.  But  that  is  what 
happened.  The  Afghan 
guerrillas  may  be  getting  the 
help  from  the  CIA  that  the 
Soviet  Union  alleges:  but  much 
more  crucial  is  the  help  they 
are  getting  from  Allah.  In 
practice,  of  course,  this  means 
getting  it  from  their  co- 
religionists 

Soviet  worries  about  Islam 
are  now  spreading  to  their  own 
Central  Asian  republics.  ‘ You 
can  sense  this  from  the  denials 
that  the  party  press  is  starting 
to  print  Tbe  BBC  Monitoring 
Service  has  just  been  quoting 
material  from  Azerbaidjan, 
where  the  local  Communist 
Party  is  trying  to  shnig  off  any 
threat  from  Islamic  solidarity. 

Perhaps  the  British  Council 
should  fly  out  a few  handy  his- 
tories of  Ireland  for  the  benefit 
of  the  Azerbaidjan  apparat- 
chiks. Many  political  parties 
have  faded  away;  but  religions 
hardly  ever  die.  And  if  they 
do.  it  takes  centuries,  or  some- 
times millennia,  for  every  trace 
to  go. 

Stalin  once  asked,  mockingly, 
how  many  battalions  tbe  Pope 
had.  Bat  without  the  Catholic 
Church,  would  the  opposition  to 
President  Marcos  in  the  Philip- 
pines ever  have  found  a focus  ? 
In  South  Africa,  without  their 
rival  versions  of  Christianity, 
would  the  Afrikaners  and  -the. 
blacks  each  have  had  the  same 
resolve"  Black  protest  rgyolvjes 
around  Anglican  and  Methodist 
leaders  as  much  as  around  the 
African  National  Congress.  And 
without  the  doctrinal  stiffening 
of  the  Dutch  Reformed  Church, 
the  aggressive  separateness  of 
the  Afrikaner  people  would 
surely  not  be  quite  so  persis- 
tent 

So  I am  not  at  all  arguing 
that  religious  influence  is  al- 
ways for  good.  What  I am  say- 
ing is  that  we  must  learn  not. 
to  ignore  it.  Even  in  rationalist 
France,  the  pattern  of  this 
month's  right  and  left  voting 
hugged  the  contours  of  those  re- 
gions that  go  to  Mass  most 
oftey.  or  go  least.  And  even  in 
secularist  England,  the  Holy 
Alliance  of  opponents  to  Sun- 
day trading  shows  that  the 
weakest  religion  still  has  some 
bite.  The  British  opponents  of 
easier  abortion  or  contracep- 
tion for  the  under-1 6s  may  be 
on  the  losing  side — just— at  the 
moment.  But  their  opposition — 
which  is  often  buttressed  by  re- 
ligious faith — may  prove 
tougher  than  today's  winning 
side  thinks. 

Like  Mao.  religion  is  always 
ready  to  face  a long  march. 

Paul  Barker 


F.T.  CROSSWORD  PUZZLE  No.  5,979  I SATURDAY 


Prises  of  £10  each  for  the  first  five  correct  solutions  opened. 
Solutions,  to  be  received  by  next  Thursday,  marked  Crossword  on 
the  envelope,  to  The  Financial  Times,  10  Cannon  Street,  London 
EC4P  4BY.  Solution  next  Saturday. 


ACROSS 

1 Relief  of  army  electricians, 
extremely  drowsy  (6) 

4 What  disguises  such  alb  be- 
fore start  of  Eucharist?  (8) 

9 Artificial  jade  seen  in  France 
— previously,  do  you  feel? 
(4.  2) 

10  Not  necessarily  a sailing 
community  (8) 

12  Proof  one  can  get  drunk  on 
draught  (8) 

13  Classic  literary  lapses?  (6) 

15  Quarter  to  noon-time  for 
school  (4) 

16  A jolly  old  fellow  in  the  last 
war  (10) 

19  Suitable  bird,  we  hear,  for 
spreading  information  (10) 

20  Shape  character  (4) 

23  Sailor,  a converted  rascal 
(6) 

25  Being  without  footwear  is 
vain  (S) 

27  Potter’s  melting-pot?  (8) 

28  Great  respect  for  silver  in 
house  (6) 

29  Proposed  moving  newspaper 
boss  (S) 

30  Power  course  for  member  of 
team  (6) 

DOWN 

1 Send  out  a tirade  that  is 
confused  (7) 

2 Butler's  significant  change  of 
mood  (5-4) 

3 Baron,  say.  or  duke  with 
broken  video  (6) 

5 Ring  head  office— work  fol- 
lows (4) 

6 Source  of  heat  withers 
extras  down  under  (8) 

7 Black  tea  from  a hob 
(English)  (5) 

8 Account  for  former  partner, 
Frank  (7) 

11  Hot-air  column  holds  me  in 
endless  -thrall,  coming  out 
(7) 

14  Bed  and  breakfast  with  neat 
compartment  for  hats  (7) 

17  This  animal  roamed  freely  in 
dry  surroundings  (9) 


18  Publication  for  the  powder- 
room  (S) 

19  Rod  with  spiteful  woman,  an 
offensive  creature  (7) 

21  Rubber  put  to  work  on  per- 
sonal columns?  (7) 

22  Leisurely  walk  or  .cycle  on 
street  (6) 

24  Reject  starting-price  applied 
to  holder  of  the  Ashes  (5) 

26  Navy  in  the  doldrums?  (4) 
Solution  to  Puzzle  No.  5,978 


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SOLUTION  AND  WINNERS  OF 
PUZZLE  NO.  5,973 


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t Indicates  programme  In 
black  and  white 

BBC  1 

8-30  am  Hunter's  Gold.  8J55  Banana- 
man.  9.00  Saturday  Superstore.  12.15 
pm  Grlndatand:  12.55  News;  Cricket, 
West  Indies  v England— Third  Teat: 
Football.  " Focus."  Half-times,  Final 
Score:  Snooker.  The  Car  Cara.  Plan 
World  Cup  '86;  Raateg  from  New- 
bury; Judo  (European  Women's  Cham- 
pionships); Rugby  League  (Silk  Cut 
Challenge  Cup):  Ice  Skating  (World 
Championships):  4.40  Final.  Score. 

5.05  News.  6.15  Regional  Pro- 
grammes. 5.20  The  Muppat  Show.  5.45 
Jim'l  Fix  It.  6.20  The  Dukes  of  Haz- 
zard.  7.05  The  Little  and  Large  Shaw. 
7.40  Every  Second  Counts.  8.20  The 
Collectors.  9.10  News  end  Sport.  8.25 
Deceptions.  11.00  Match  of  the  Day. 
11.50  Film;  The  Horror  Movie;  "The 
Legend  of  the  Werewolf  ” starring 
Peter  Cushing.  Ron  Moody,  Hugh 
Griffith  and  Roy  Castlo. 

BBC  2 

ft .55  pm  Rim:  ” Every  Girl  Should 
Be  Married  " starring  Cary  Grant.  t3.15 
Film:  " My  Favourite  Wire  " starring 
Irene  Dunne  with  Cary  Grant.  4-45 
Snooker.  Highlights  of  the  First  Semi- 
final in  The  Car  Care  Plan  World  Cup 
86.  6.00  Horizon:  In  the  Wake  of  HMS 
Sheffield.  6.50  Newsview.  730  Inter, 
national  Pra-Celebrily  Golf.  830  The 
See  Of  Faith.  9.10  Stuart  Burrows 
Sings.  10.10  Snooker  (The  Car  Care 
Plan  World  Cup  86).  11.00  Saturday 
Review.  11.50  Snooker.  t123(M.10  am 
Jazz  625:  Clerk  Terry  and  Bob  Brook- 

mayor. 

LONDON 

6.55  am  TV-am  Breakfast  Pro- 


RACEGOERS  CHANGE  horses 
quickly.  The  sun  had  hardly 
gone  down  on  Dawn  Run’s 
Cheltenham  Gold  Cup  triumph 
before  we  were  chatting  about 
how  well  or  how  badly  we  would 
do  in  the  Flat  Season,  which 
started  on  Thursday.  And, 
inevitably,  how  well  or  badly 
Lester  Piggott  will  do  in  his 
first  season  as  a trainer. 

It  has  always  been  open 
season  for  knocking  Lester.  His 
love-hate  - relationship  with 
racing  people  is  legend.  They 
admire  him  as  a supreme 
jockey,  but  are  always  ready 
to  believe  the  stories  about  his 
stone-faced  dourness,  his  mean- 
ness with  money,  and  his  habit 
of  pinching  valuable  rides  from 
less . fortunate  jockeys. 

So  it  was  time  somebody  put 
things  right  for  Piggott.  Dick 
Francis,  his  fellow  ex-jockey, 
attempts  to  do  so  in  “ the  official 
biography”  to  be  published  on 
Monday.  Ffancis  known  best  for 
his  racing  thrillers,  admits  that 
he  lx  a close  friend  of  Piggott — 
they  even  have  had  a joint  busi- 
ness interest  in  a small  charier 
flying  company  which  specia- 
lised in  ferrying  jockeys  and 
trainers.  He  has  ridden  against 
Piggott — not  many  people  re- 
member that  Lester  had  a 
couple  of  seasons  as  a jump 
jockey  and  finished  with  20 
winners  from  55  rides. 

Francis  traces  his  on-course 
career  colourfulty  — PisgotiY. 
first  win  at  the  age  of  12.  his 
first  Derby  win  at  18.  his  first 
-of  many  suspensions- at  14  for 


1 ALTHOUGH  TO  come  back 
i from  two-oil  down  in  a Carib- 
> bean  cricket  tour  represents  a 
formidable  task.  I know  from 
personal  experience  that  it  is 
feasible.  England  found  them- 
selves in  the  same  unhappy 
position  back  in  1954  under  Len 
Hutton,  but  went  on  to  square 
the  series. 

That  was  also  for  the  unoffi- 
cial championship  of  tbe  world 
and  it.  was  achieved  by  a-  com- 
bination of  luck,  skill  and,  most 
important  of  .all  a togetherness 
combined  with  a resolution  to 
show  everybody,  especially  our 
critics  what  we  could  do.  The 
outcome  was  that  we  played 
above  ourselves  which  is  exactly 
what  David  Gower  and  com- 
pany need  to  do. 

There  are,  of  course,  many 
differences.  The  present  West 
Indian  team  possesses  a for 
more  formidable  attack  and  the 
pitches  are  not  so  true.  The 
Barbados  wicket  used  to  be 
close  to  a batting  paradise  with 
the  ball  coming  on  to  the  bat 
and  the  bounce  even.  It  could 
be  relied  upon  not  to  produce 
a fast  shooter  like  the  one 
which  had  Gower  Ibw  for  0 in 
the  one-day  international. 


gramme.  9.25  No  73.  11.00  Captain 
Scarlet.  1130  Secret  Valley.  1230 
News.  12.05  pm  Saint  and  Greavsie. 
1230  Wrestling.  130  Airwolf.  2.16 
Benson.  235  Ice  Skating.  4-45  Results 
Service. 

5.00  News.  5.06  Connections.  5-35 
The  A-Team.  630  Bobby  Davro  on  the 
Box.  7.00  The  Price  is  Right.  8-00 
Murder.  Mystery.  Suspense.  9.45 
News.  10.00  As  pel  and  Company. 
10.45  LWT  News  Headlines  fallowed 
by  Darts:  The  Nations  Cup.  12.15  am 
Joois  In  Jamaica.  1230  Night  Thoughts. 

CHANNEL  4 

1.15  pm  Channel  4 Racing  from 
Doncaster  13.20  " Bowery  lo  Broad- 
way " (Jack  Oakle  and  Donald  Cook 
star).  5.05  Brookside  Omnibus,  600 
Family  Ties,  6.30  Unforgettable.  7.00 
News  Summary  fallowed  by  Seven 
Days.  730  Down  Home.  830  Satur- 
day Live.  10.00  Hill  Street  Blues.  111.00 
" The  Ghost  of  Frankenstein  " (Cedric 
Hardwicks  stars).  112.15  am  " The  Re- 
turn of  the  Vampire  '*  starring  Bela 
Lugosi. 

S4C  WALES 

1.15  pm  Racing  from  Doncaster. 
330  Dance  Matinee.  4.00  Feature  Film: 
"The  Man  Who  Welched  Trams  Go 
By.*'  5.30  Patterns  of  Life  6.30  Haw 
Doss  Tour  Garden  Grow?  7.00  Hwrli- 
bwrii,  7.30  Nswyddton.  7.4S  Stumiau. 
8.15  Ymwelnd  ha!  a dyffryn  clwyd. 
8J50  Bwyta'n  dde  9.15  Y mass 
Chwarae.  10.15  Saturday  Uve.  11.45 
Brothers. 


Alan  Forrest  assesses  Lester  Piggott’s  new  career 

In  the  pink  for  training 


Piggott  (right)  keeps  a sharp  eye  on  form 


what  the  stewards  decided  was 
unnecessarily  tough  riding,  and 
his  association  with  great  horses 
like  Sir  Ivor,  Nijinsky  and 
Roberto. 

But  a delight  of  Francis’s 
book  is  the  insight  it  gives  into 
the  offcourse  Piggott.  This  is 
Lester  as  a schoolboy:  “ What 
he  did  want  to  learn,  he  learned 
•fast  and  thoroughly,  and  first  of 
all  he  wanted  to  read. 

44  He  read  everything  to  do 
with  racing.  Not  a word  of 
Dickens  and  books  like  that! 


Nothing  in  the  mainstream  of 
the  national  literary  heritage. 
Nothing  about  history,  art 
music  or  philosophy.  Everything 
about  racing  . . . from  ancient 
books,  memoirs,  to  the  stop- 
press  in  the  evening  papers. 

" Next  after  racing,  he  wanted 
to  learn  about  figures.  Not  twice- 
times  two  and  certainly  not  cube 
roots 

“Lester’s  figures  were  those 
to  be  found  on  the  delicate 
salmon-pink  pages  of  the  Fin- 
ancial Times.  Lester’s  Pink  'La 


told  him  the  winners  on  the 
stock  market  and  summed  up 
the  movements  in  minerals  and 
shipping.  Lester  by  the  age 
of  13  knew  his  way  round  the 
Financial  Times  as  familiarly 
as  around  Comic  Cuts.” 

Obviously,  bis  pink  passion 
has  continued,  because  a couple 
of  seasons  ago  Susan  Piggott 
was  interviewed  on  television 
about  her  husband’s  weight 
problems  and  said  he  break- 
fasted off  “a  glass  of  water  and 
the  Financial  Times.”  . . 


Trevor  Bailey  on  the  bright  side  in  Barbados 

Two-nil  down  is  not  out 


Conversely,  the  present  West 
Indian  batting  line  up  is  far 
weaker  than  the  one  which  had 
the  three  Ws — Weekes,  Worrell 
and  Walcott — in  the  middle 
order  and  a young  Sobers  com- 
ing in  at  number  nine.  Another 
difference  was  that  tbe  present 
England  team  has  had  to  limp 
disconsolately  into  the  third 
test  having  just  been  beaten  by 
a deliberately  weakened  Bar- 
bados XT  and  then  totally  out- 
classed by  the  West  Indies  in 
the  one-day  international. 

After  these  two  substandard 
performances,  it  will  require 
exceptional  determination  to 
climb  back  and  it  looks  increas- 
ingly as  if  there  is  a shortage 
of  this  ingredient,  but  I hope 
to  be  proven  wrong. 

The  Barbados  match  con- 
tained two  intriguing  features. 
First,  our  heavily  armoured  and 
helmeted  batsmen  were  often 
in  serious  trouble  against  some 
very  ordinary  seam  bowling 


which  was  not  especially  fast. 
In  marked  contrast  their  young, 
inexperienced,  unknown  aDd  un- 
helmeted  counterparts  had  few 
difficulties  coping  with  the  short 
pitched  deliveries  from  our  four 
pacemen.  Indeed  they  seemed 
to  relish  them. 

Secondly,  in  a sparsely  filled 
ground— large  crows  only  come 
to  the  internationals — about  SO 
per  cent  of  the  spectators  were 
from  the  UIC. 

There  are  nearly  3.000  British 
among  the  capacity  crowd  at 
the  Kensington  Oval  for  the 
Test  all  hoping  for  that  most 
impossible  England  victory. 
This  must  surely  be  the  highest 
number  of  cricket  lovers  from 
the  UK  to  have  ever  watched  an 
overseas  Test  and  easy  to  un- 
derstand why  they  have  chosen 
Barbados. 

It  is  the  ideal  place  to  com- 
bine seeing  top  class  cricket 
with  a wonderful  holidav.  Un- 
like Jamaica.  Trim  da.  Sydney, 


TELEVISION  AND  RADIO 


REGIONS 


IBA  Regions  ae  London  except  at 
the  tallowing  times: 

ANGLIA 

11.00  pm  Terrahawfcs.  11.30  The 


Frankenstein 
Channel  4, 11  pm 

Flying  Kiwi.  2.15  pm  Off  the  Rack. 
5.05  Blockbuster*. 

BORDER 

11.00  am  The  Great*??  American 
Hera.  2.15  pm  Small  Wenger.  5.05 
0 reams. 

CENTRAL 

11.00  am  Ice  Skating  1.20  pm  The 
Satmday  Western:  'The  Kid  from 
Texas.”  starring  Audi*  Murphy.  5.05 
Mr  and  Mrs. 

CHANNEL 

11.00  am  Tha  Gremeii  American 
Haro.  11.59  Today's  Weather.  2.15  pm 
Mr  Smith.  S.05  Blockbusters  12.15  am 
After  Midnight:  Gary  Human. 


GRAMPIAN 

11.05  am  The  Greatest  American 
Hero  5.05  pm  Blockbusters.  12.15  am 
Reflections. 

GRANADA 

11. IS  am  The  Greatest  American 
Hero.  2.16  pm  Mind  YoiJr  Language. 
12.15  am  " The  Tell-Tale  Heart  " star- 
ring Laurence  Payne  and  Adrienne 
Corn. 

HTY 

til -05  am  Fireball  XL5.  1130  Cap- 
tain Scarlet  and  the  Myaterona.  11.58 
HTV  News.  2.15  pm  Supercarl  5.05 
Terrahawks. 

SCOTTISH 

11.00  am  The  Glen  Michael  Cavalcade. 
11.45  Adventures  or  Jeremy.  2.15  pm 
Small  Wander.  5.05  Blockbusters.  12.15 
am  Late  Call. 

TSW 

11.00  am  Gus  Honeybun's  Magic 
Birthdays.  11.03  Freeze  Frame.  11.51 
TSW  News.  2.15  pm  The  Smurfs.  5.05 
News  port.  5.10  Blockbusters.  12.15  am 
Postscript. 


Melbourne,  Calcutta,  or  Bom- 
bay, where  the  Test  ground  is 
in  a big  city,  Barbados  is  essen- 
tially a small  holiday  island 
offering  a wide  variety  of 
accommodation.  Here  a bus- 
band  can  have  a swim  in  the  sea 
before  and  after  breakfast  and 
then  leave  his  wife  contentedly 
on  a beautiful  uncrowded  beach 
while  he  goes  off  to  cricket. 

In  addition  to  watching,  many 
British  fans  are  playing  cricket 
themselves.  Even  though  this  is 
not  the  cricket  season  in  Bar- 
bados, there  is  no  shortage  of 
opposition  or  grounds.  The 
majority  of  the  3.000  cricket 
loving  holidaymakers  have  come 
on  package  deals,  mainly  with 
travel  firms  specialising  in 
sporting  holidays.  Two  former 
England  fast  bowlers,  Fred 
Ramsey  and  John  Snow,  each 
has  big  groups  out  here. 

Atfer  tiie  Trinidad  one-day 
international  the  one  in 
Barbados  proved  a sad  anti- 


YORKSHIRE 

11.00  am  Otherworld.  2.15  pm  Candid 
Camera.  12.15  am  Festival  Folk  (The 
Furey  Brothers). 


So  I am  backing  Piggott  the 
trainer.  Such  dedication  to 
knowing  how  to  make  money 
makes  him  a natural  for  the 
business  side  of  Flat  Racing, 
where  tinkling  cash  registers  • 
matter  more  these  days  than^ 
thundering  hooves. 

He  certainly  has  no  lack  of 
top-class  horses  for  the  start  of 
his  training  career.  His  stable 
at  Newmarket  already  has  75 
horses  including  those  . owned 
bv  Sheik  Mohamed,  Sheikh 
Maktouni-al-Maktoum.  Lord 
Weinstock  and  Robert  Sangster* 

He  starts  his  training  career 
wistfully.  How  long, ' Francis 
asked  him,  would  he  have  gone 
on  being  a jockey  if  he  could 
have  stopped  time  and  stayed 
young?  “Oh,  a thousand  years? 
he  said. 

It  isn't  the  time  yet  to  name 
his  successor  as  king  of  the  flat 
courses.  The  first  big  Flat  w£.., 
at  Doncaster  on  Thursday.  Mac's 
Reef,  was  ridden  by  Greviffe 
Starkey,  senior  jockey  after 
Piggott  and  Joe  Mercer's  de- 
parture. But  Stevie  Cauthen 
seemed  rejuvenated  on  tele- 
vision last  week  after  Ills 
successful  battle  against  cham- 
pagne. . . ^ 

Today  is  the  Lincoln  at  Don- 
caster. the  first  super-handicap 
of  the  Flat  season.  George  . 
Carter's  mount.  Well  Rigged.  Is 
quoted  as  7-1  favourite  but  I 
shall  be  putting  my  each-way 
money  on  Christian  Schad,  • 

Lester  — the  Official  Bid. 
graphy,  hv  Dick  Francis, 
Michael  Joseph,  £12.95,  33S  fli>- 
- 

climax.  Immediately  Gooch  . 
departed  England  never  serf-  ■ 
ously  threatened  to  come  within 
striking  distance  of  the  West. 
Indian  total.  The  failure  fit  ' 
England  with  two  slow  blowlers  j- 
and  Gooch  in  the  attack  to  send 
down  50  overs  in  3 hours  20  . 
minutes  was  a disgrace.  T ; 

While  the  crowd  were  graehy 
ally  dispersing  as  England  • 
meandered  unconvincingly  | 
towards  defeat,  I kept  meeting  i 
former  West  Indian  and  Eng-  1 
land  Test  players.  The  England 
contingent  was  not  only  un- 
expectedly high  in  numbers, 
but  also  contained  some  Mg*1 
calibre  former  cricketers.  . 

While  the  final  wickets  were  < 
falling  and  one  wondered 
whether  we  would  suffer  the 
indignity  of  failing  to  reach 
three  figures.  I amused  mysetf 
by  picking  an  England  XI  from 
those  out  here. 

Assuming  that  they  were  aU 
at  their  peak,  it  did  look  com- 
petent. and  surpjrisingiy  well  * 
balanced.  Here  it  is  in  batting 
order— Geoff  Boycott,  Colin 
Milburn,  Peter  May,  Denis 
Compton,  Mike  Denness.  Trevor 
Bailey.  Godgrey  Evans.  David 
Allen.  Don  Wilson,  John  Snow 
and  John  Price. 


VijiJfl 


IjM 


p-tr.  r.ar 


&rs:x 


11.00  am  The  Greatest  American 
Hero.  11.57  TVS  Weather  2.15  pm 
Mr  Smith  5.05  BlccF  busters.  12.15  am 
After  Mufuglit:  Gary  Numan.  1.15 
Company. 

TYNE  TEES 

11.00  am  Morning  Gtory.  11.05  Ice 
Skating  5.05  pm  Mind  Your  Language. 
12.50  am  Poei’s  Comer. 

ULSTER 

11.00  am  The  Baron.  11.58  Luncti- 
rimn  Ndwb.  2.15  pm  Happy  Days  4.55 
Sport*  Rasims.  5.03  (Jitter  News. 
12.15  am  He  we  at  Bnritime. 


RADIO 

(S)  Stereo  on  VHF 
BBC  RADIO  2 

8.06  am  David  Jacobs  (S).  10.00 
Sounds  of  the  60s  (S).  11.00  Album 
Time  (S).  1.00  pm  The  News  Hudd- 
lines.  1.30  Sport  On  2:  Football:  Test 
Cricket:  Racing  from  Doncaster;  Rugby 
League:  Rugby  Union;  Motor  Racing 
end  at  5.00  Sports  Report.  6.00  Folk 
On  2.  7.00  Poo  Score.  730  Owam  Arwel 
Hughes  introduces  and  conducts  music 
of  the  masters  with  the  BBC  Concert 
Orchestra  (S).  9.30  String  Sound  (S). 

10.05  Martin  Kelner  (S).  12.05  am 
Night  Owls  introduced  by  Dave  Geliy 
(S).  1.00  Bill  Ronncle  presents  Night- 
ride  (SI.  330-4.00  A Little  Night 
Music  (5). 

BBC  RADIO  3 

7. CO  am  Nows.  7.05  Aubads  (S). 
9.00  News  9.05  Record  Review  (S). 
10.15  Stereo  Release  (5)  11.25  Giimer 
Wand  conducts  the  BBC  SO  in  Beet- 
hoven's Symphonic:.  No  6 (Pastoral) 
and  No  5 m ibe  Ravel  Festival  Hall, 
London,  last  night  (S)  1.00  pm  News. 

1.05  Early  Mtisir.  Network  (S).  2.QQ 
Vaughan  Will  terns  In  His  Time  (S). 

4.05  Howard  Shelley  and  Hilary  Mac- 

Namara  2-piano  rectal  (SI  5.00  Jazz 
Record  Request',  (S).  5.45  Critics’ 

Foium  6.35  Music  lor  the  Iron  Voice 
fSl.  7.15  Mr  Gotthob  Will  Not  Be 
Writing  7.30  BBC  Welsh  Symphony 
Orchestra  conducted  by  Louis  Fre- 
maux  (live  relay),  part  1:  Bizet.  Saml- 
Seans  (Piano  Concerto  No  2 with  Jean- 


Philippe  Col  la  id)  (S).  8.05  Strange  !" 

Fits  ol  Passion  (anthology  of  poems).  l 
835  Concen.  Pan  2:  Dvorak  (Syin- 
phony  No  9)  (S).  9.15  Barthold  Gold* 
schmid:.  chamber  music  (S).  18.0Q 
The  Maiden  and  the  Beast  (Short 
story).  10.10  Lenten  Choral  Music  (S).  .— 

11.00  La  Petite  Banda  (S).  11.57-1240  ~ 

News. 

Medium  wave,  ee  above,  except: 

235-7.15  pm  Cricket:  Third  Test—  j"^ 

West  Indies  v England  from  Bridge-  C."  ' 
town.  Barbados.  1 

BBC  RADIO  4 

7.00  am  News.  7.10  Today's  Papers. 

7.15  On  Tour  Farm.  7.45  In  Perepac-  - 

tive  with  Andy  0‘Mahonay.  7.50  Down 

To  Earth.  7.55  Weather;  Travel.  8.00 
News.  8.10  Today's  Papers.  8.15  Sport  ..  . 

4.-.,  8-*8  Yesterday  in  Pailtaman 
8.57  WBjrher;  Travel.  9.00  News.  S.'frf  T -7_ 
Breakaway.  9.50  News  Stand.  1ft06 

The  Week  in  Westminster.  103Q  Loose 
Ends.  1130  From  Our  Own  Correspond 
dent.  12.00  News;  Moray  Box,  12.27 
pm  Take  Me  To  Your  Reader  (S).  12.S3  » 

Weather  1.00  News.  1.10  Any  Ques-. 

,’ons?  J.-56  Shipping  Forecast.  ?.00  ' ' 

Nows;  Aliemoon  Play  (5).  3.00  News;  1.  '-1 
international  Assignment.  3.30  Tha  - L-~- 
Saturday  Foil ure.  4.15  Not  Another 

Diet  Programme.  4.45  The  Fosdylie  V.< 

Saga  II  5.00  The  Living  World  635 

.Ending  5.50  Shipping  Forecast.  1 
5.55  Weather:  Travel  6.00  News:  „ 

Soorrs  Round-up.  6.25  Conversation  • 

Piece.  6.50  Ten  Thousand  Miles  on  an 
Overdraft  7.05  Stop  the  Week  With  ~- 

Robm  Robinson  (S).  7.4S  Baker**  . 

Dnten  fS).  830  Saturday-NigM  f 

Tn«,rc  tS,‘  *'?  Wof,lh«f-  10.00  Now*. 

10.15  Evening  Service  (S)  1030  The  « — 

Turn  Of  tbe  Tl*,.  n.oo  science  Now; 

1130  In  Other  Words  . 1U  V,-  *- 
Bodgers  (S).  12.00-12.15  am  News.  ■ 


SUNDAY 


t Indicates  programme 
in  black  and  white 

BBC  1 

8.55  am  Play  School.  9.15  Articles 
of  Faith.  930  This  Is  The  Day.  10-00 
Asian  Magazine.  1030  Switch  on  to 
English.  10.56  Recovery.  1130  Tele- 
Journal.  11.45  With  a Little  Help  From 
the  Chip.  1235  pm  Fanning.  12.58 
Weather  News  for  farmers.  1.00  This 
Week  Next  Week.  2.00  EastEnders. 

3.00  Film  Matinee:  " Fathom,"  star- 
ring Raquel  Welch.  4.35  World  Figure 
Skating  Championships.  5.20  Brat 
Farrar.  530  Antiques  Roadshow.  6.30 
News.  6.40  Songs  of  Praise  for  Palm 
Sunday.  17.15  Hancock’s  Half  Hour 
(Lord  Byron  Lived  Hera).  7.45  Mies 
Msrple:  The  Body  in  the  Library.  8.40 
Mastermind.  9.10  News.  93S  Thu's 
Life.  10.15  The  Rock  Gospel  Show. 

10.50  Geoffrey  Smith’s  World  of 
Flowers.  11.15  Secret  Nature. 

BBC  2 

2.00  pm  Rugby  Special.  3.00  Snooker 
(final  of  the  Car  Care  Plan  World 
Cup  88).  4.10  The  Great  An  Collection. 
4.45  Music  by  Haydn.  5.10  Athletics 
(The  World  Cross  Country  Champion- 
ships from  Nsuchatsl.  Switzerland). 

5.50  Snooker  (frames  14).  6.30  The 

Money  Programme.  7.16  Nature.  7.45 
Previn  on  Concertos.  8.3S  5nooksr. 
9.40  Grand  Prix.  10.15  Film::  Screen 
Two:  " Sherger."  1130-1235  am 
Snooker. 


Miss  C.  Abbott.  Dolphin  Square. 
London  SW1. 

Miss  C.  P.  A.  Betk,  Durham. 

Mr  M.  J.  Fulton,  - Newton 
Mearns,  Glasgow. 

Mr  David  Griffiths,  Hampton 
Wick,  Surrey. 

Mrs  D.  M.  Wilkinson.  Yarmouth, 
Isle  of  Wight. 


LONDON 

6.55  am  TV-am  Breakfast  Programme. 
935  Wake  Uo  London.  935  -Woody 
and  Friends.  9.45  Roger  Ramjet.  10.00 
Morning  Worship.  11.00  Getting  On. 
11.30  Natural  Resourcaa.  12.00  Week- 
end World.  1.00  pm  Police  5..  1.15 
The  World  Cross  Country  Champion- 
ships. 2.00  Encounter.  230  LWT  News 
Headlines'  followed  by  "The  Beach- 
comber.” starring  Gfynis  Johns,  Robert 
Newton  end  Donald  Sindan 

4.00  pm  The  World  Cross  Country 
Championships.  4.30  Survival.  5.00 
Seal  Morning.  530  Builaeys.  6.00 
Albion  Market.  630  News.  8.40  Appall 


Shergar 

BBC  2;  10.15  pm 


on  bahall  of  St  Lnyos  College,  Exeter. 
6.45  Highway.  7.15  Catchplirase.  7.45 
Movie  Premiers:  ” Reunion  at  Fair- 
borough.”  starring  Robert  Mitchum 
and  Deborah  Kerr.  9. 05  Hot  Metal. 
10.30  The  South  Bank  Show  11.30 
LWT  Nows  Headlines  followad  by  Mapp 
and  Lucia.  12.25  am  Night  Thoughts. 

CHANNEL  4 

1.00  pm  Irish  Angle  present  Hand?. 
130  Fee*  the  Press.  2.00  Poh's  Pro- 
gramme. 12.25  ” My  Little  ChicCadee  ” 
(Mb a West  and  W.  C.  Fields  star). 
13.55  " It's  Never  Too  Laie  to  Mend  '* 
(Tod  Slaughter  stars)  5.1S  News  Sum- 
mary followed  by  The  Business  Pro- 
gramme. 6.15  Voilaybafl.  7.15  Patterns 
of  Life. 

8.15  My  Ireland:  Charles  Haughey. 
9.15  Mr  Pye.  110.16  " Inadmissible 
Evidence.”  with  Nical  Williamson. 
Eleanor  Fazan,  Jill  Bennett  and  Petof 
3a His.  112.00  " And  So  To  Work.” 

S4C  WALES 

2.06  ptri  Umon  World.  2 35  Feature 
Film;  " floyel  Wedding,”  earring  Fred 


Astsire  and  Jane  Powell.  4.20  lesu 
Ddoe  a Heddiw.  4. SO  Dilyn  lesu.  5.15 
Tho  Business  Programme.  6.15  Volley- 
ball. 7.15  Don  Deg.  7.29  Ncvvyddion. 
730  Can  am  Gan. 

8.00  Mwynhau'r  Psthe.  8.30  Dechrau 
Canu.  Occhrau  Csnmol.  5.00  Sul  y 
Blodau.  10.45  Sylw  Un.  10.55  Feature 
Film.  ” Charlie  Bubbles  " marring 
Albert  Fmnev  with  Cnlln  Blakely. 
Liza  Mineffi  and  Billie  Whitelaw. 

REGIONS 

IBA  Regione  as  London 
except  at  the  following  times: — 

ANGLIA 

9.30  am  The  Prizewinners.  1.00  pm 
Cartoon  Timo.  2.00  Weather  Trends. 
2.05  Farming  Diary.  2.30  Encounter. 

3.00  Chips.  4.30  Candid  Camera, 

12.30  am  From  Calvary  to  Komi. 

BORDER 

9.25  am  Gardening  Time,  9.55  Border 
Diary.  1.00  pm  Greer  Nnrih  Face  Air 
Rice.  1.30  Farming  OutlooF.  2-30 
Iniernananel  Athletics  3.15  The  Now 
Squadron*  1 res  3.30  Captain  Surlci 
and  the  Mysterons.  4.30  Seal  Morn- 
ing. 5.00  The  Baron  11.30  Conference 
‘86  (Scottish  Liberal  Party). 

CENTRAL 

9.25  am  Walton.  W.ittno  9.30  Terra- 
hawks  1.00  pm  Hore  and  Now.  1.25 
The  World  Cross  Country  Champion- 
ship. 230  The  Weekend  Matinee: 
•'  Nearest  And  Dourest.”  starring  Hvlda 
Baker.  4.30  Wish  You  Warn  Here  . . .? 

5.30  British  Candid  Camera. 

CHANNEL 

9.25  am  Todoy's  Weather.  936  Start- 
ing Point,  9.30  Las  Francais  Chcs-Yous. 

1.00  pm  Garden*  For  All.  1.30  Video 
Club.  1 45  Thr  Dolmen  Bmlrior;  2.30 
Amiens*  3.15  Hotel.  4.55  Puttin' s 
Piaujce 

GRAMPIAN 

■ 9.25  am  Cartoon  9.30  Sesame  Street. 

10.30  Fireball  XL5  1.00  pm  Farming 
Outlook  1.30  Athletics  2.30  Curlmq 
(Scottish  Brewers'  Trophy).  3 30  Bulls- 
CVB.  4.30  5941  Morning  5.00  Scots- 
eport.  11.30  Conference  'gfi — Scntfsh 
Liberal  Party.  12,15  am  Reflections. 


GRANADA 

9.25  am  Mex  The  2000  Year  Old 
Mouse  9.35  Indian  Legends  ol  Canada. 

11.00  Natural  Resources  11.25  Aap  Kaa 
Hair.  11.30  Survival,  1.00  pm  Cartoon 
Time.  2.00  Sunday  Matinee:  ” The 
Four  Muskotonis.”  starring  Oliver  Reed 
and  Raquol  Welch.  4.30  Encounter. 

HTV 

9.25  am  Jayce  and  the  Wheeled 
Warriors  9.50  Science  International. 

1.00  pm  West  Country  Farming  followed 
by  Wcjihar  lor  Farmers.  2.30  The 
Sunday  Matinee:  ” Big  Rose.”  4.30 
Gar.lnnlng  Time. 

HTV  Wales — As  HTV  West  except: 
4.30-5.00  pm  Wales  on  Sunday.  11.30- 

12.30  Crown  Green  Bowls. 

SCOTTISH 

9.25  am  Foo  Foa.  9.35  Natural 
Resources.  10.00  Sesame  Street.  11.30 
Encounter.  1.00  pm  Farming  Outlook. 

4.30  Seal  Morning.  5.00  Scots  port. 

11.30  Conleronco  '86— Scottish  Liberal 
Party.  12.15  am  Late  Cell. 

TSW 

3.25  am  Getting  On  followed  by  Get- 
ting On  . . . Plus.  11-00  Natural  Re- 
sources. 11.2S  Look  and  Seo  11.30 
The  Souih  West  Week.  1.00  pm  Gar- 
dens For  All.  1.30  Farminn  News  2J0 
Intornalioniil  Athletics  3.15  Cartoon 
Time.  3.30  Survival.  4.30  Seal  Morn- 
ing 5.00  Gus  Honeybun's  Magic  Birth- 
days 5.03  Falcon  Crest.  11  JO  Tho 
Pick  of  iho  Postscript.  12.00  Postscript 
Postbag. 

TVS 

9.25  am  Aciuin  Linn.  9J5  Cartoon 
Compilation  1.00  am  Agenda.  1.30 
Enterprise  South  2.30  Athletics.  3.15 
Hotel  4 55  TVS  News.  12JO  am 
Company 

TYNE  TEES 

9.25  am  Fireball  XL5  9.50  Sunday 
Lnnkaround.  9.55  Morning  Glory  1.00 
pm  Farming  Outlook  1.30  Wish  You 
Were  Horn  . ? 2J0  Arhiciicc  3.15 
Looks  Familiar  4.30  Small  Wonder. 
11JO  With  Good  Reason.  12.CQ 
Eniionuo 

ULSTER 

9 4B  e«n  Advien  with  Anno  Hailu. 
12.58  pn>  Lunchtime  Newg.  1.00  Car- 


toon Time.  12.30  Sunday  Matinee— 
''Trouble  In  Sroro.”  starring  Norman 
Wisdom.  4.30  DiK'rent  Strokes,  0.38 
Ulster  News.  9J57  Ulster  News.  11.30 
Sports  Results.  11.35  Circuit  Report 
'85.  12.30  am  News  at  Bedtime. 

YORKSHIRE 

9.2S  am  Getting  On.  11.00  Natural 
Resources.  11.30  Farming  Diary.  1.00 
The  Smurfs.  2.30  Sunday  Cinema: 

■'  The  Captain's  Table  *'  starring  John 
Gregson.  Peggy  Cummins  and  Donald 
Smdon.  4.30  Seal  Morning.  5.00  Ban- 
son.  12 JO  am  Five  Minutes. 

RADIO 

(S)  Stereo  on  VHF 
BBC  RADIO  2 

730  am  Roger  Royle  says  Good 
Momirg  Sunday  (S).  5.05  Melodies 
For  You  (S).  11.00  Dgemond  Carring, 
ton  with  your  Radio  2 All-Time  Greets 
(S).  1.00  pm  Jimmy  Young  Presonrs 
Two's  Beer  (S).  2.00  Benny  Green 
(St.  3.00  Aten  Oall  with  Sound  Easy 
(S).  4.00  Jazz  Classics  In  Stereo  (12) 
Empress  of  the  Blues:  Bessi  Smith 
(S).  4-30  Sing  Something  Simple  (S). 

5.00  Charlie  Chester  -with  your  Sun- 
day Soapbox.  7.00  Caeiie's  Corner.  7.30 
The  Gentle  Touch.  8.00  Cynthia  Glover 
Sings  w<th  the  Orchestra.  8.30  Sunday 
Half-Hour  9.00  Your  Hundred  Best 
Tunes  introduced  by  Alan  Koith  10.05 
Songs -from  the  Shows.  10.30  Acker's 
Away  11.00  Sounds  ol  Jazz  with 
Peter  Clayton  (stereo  from  midnight). 

1.00  am  Bill  Rennetla  presents  Night- 
r.de  (SJ  3.00-4.00  A Little  Night 
Music  (S). 

BBC  RADIO  3 

7.00  am  Nows.  7.05  Schubert  and 
his  Contemporaries  fS).  9.00  News 
9.05  Your  Concert  Choice  (S).  10.30 
Music  Weekly.  11.15  Takacs  Quarter 
(5)  12.15  pm  From  the  Prams  85 

Swedish  Radio  SO  conducted  ■ by 
Sixicn  Ehrling  part  f:  Sianhanmwr 
(Symphony  No  2)  (S).  1.00  Collee-  ■ 
lor-.'  items  1.05  Proms  85  part  2: 
Tchaikovsky  (Piano  Concerto  No  1. 
with  Shura  Cherkassky).  Prokofiev 
(Romeo  and  Juliet,  eveerpu)  (S). 
2.10  ” Elegy  For  Young  Lovers 


ooera  by  Hans  Werner  Henze  song 
■n  English  m a performance  conducted 
by  the  composer  at  the  Queen  Eliza* 
bath.  London  (S).  5.I6  Scottish 

”tT“-  «°°  Harrison  Blrtvrietle: 

mree  Movements  with  Fanfares-”  ’ 

?s?  i'llT'i  (S)-  630  Schubert 
I!'  USl  DaV8  0{  Socrrtte 

(S).  8 JO  Czech  Music  at  Abbott- 

Dvorak*  (P,!?L  '"“'Y01  Haeding:  9.10 
ohl°ik,  (Piano  Quintet)  (S).  Sip 

duerJS^Lp  srphon*  N»  V £5  , 

, Rostropovich  (S).  11.00  A*- 

London  Oboe  Bend  (S).  Iiaa  Albert^ 
*mono  record  0f'  Rubbra’s  1 '' 
News.  3U  No  z>- 

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4.00  Naih.  tv*1-  A'tarr*oon  - PMy- 
4.30  The  Natural  lt  ood  Programmed  , 

5.00  News  5*1  History  Programme/  . 

SP.WU  mows.  5.05  Down  Your  Wn  visits 
Shionmo  p"  ,hG  ,S,B  ol  Wight  SJBCrr',i 
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